Bank Nifty Analysis-13Dec2023

Following is the Bank Nifty Daily Chart Analysis for 13th December 2023.

Bank Nifty has done a major rally in the last 2 weeks, and its holding up above all moving averages, trying to consolidate at 47K level. Upside target of 48K is still on.  Momentum has been falling, but any reversal in momentum can rapidly take the price to 48K.

Till Bank Nifty closes below 10 day Simple Moving Average, traders should not take any major positions on the short side, or using Bank Nifty Puts. 46K level should act as a strong support, because 46,300 was the previous double top, which was recently broken, so its possible that Bank Nifty may go there to test support level.

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