Nifty Bank

Dec 4, 2024

The chart for Nifty Bank (Weekly) shows the index moving within an ascending channel, with clear support and resistance levels marked by the trendlines. It is showing a potential breakout above the critical resistance zone of 54,000–54,500, marking the upper boundary of its ascending channel. For aggressive traders, enter during the breakout if the price sustains above 54,500. Conservative traders can wait for a retest of 54,000–54,500, with the previous resistance acting as new support. Place your stop-loss below 53,000 or slightly under the retest level for safety. Targets are set at 57,000–58,000. Use a trailing stop-loss once the price hits the first target to lock in gains. Ensure the breakout is supported by high volumes. Use a trailing stop-loss once the price hits the first target to lock in gains. Ensure the breakout is supported by high volumes