Bank Nifty had a big green day today after several days of weakness with falling momentum. Bank Nifty closed today 47,287 with +1166 points gain. That’s a big green day, and the last time we saw such a big green day was on 4th Dec 2023. So today’s big green day is coming after nearly 3 months. As per our study, such big green days come once per quarter, so its in line with historical data of Bank Nifty.
Current upside target is 48,200
Traders can stay long above 46,000.
In the Bank Nifty hourly chart, the momentum (CCI indicator) is coming down, so some consolidation or testing of 47,000 level can happen in the next 1-2 days.
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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