Bank Nifty Spot Outlook for 06th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 26572.10 , made a high of 26627.35,  made a low of 26443.65,  before closing at 26534.55

Had mentioned that long trade for the day will get triggered on sustaining above 26780 and short trade for the day will get triggered on sustaining below 26605 . Bank Nifty triggered our short trade and did 150 points  . 

As mentioned " For this week Bank Nifty needs to break and sustain / close above 27095 to test 27345 - 27405 initially and above it we can see a test of 27620 - 27855 . Similarly Bank Nifty needs to break and sustain / close below 26630 to test 26385 - 26320 initially and below it we can see a test of 26105 - 25875. " , and today Bank Nifty triggered our weekly short trade and completed our initial 3 targets . Now Bank Nifty has to break and sustain below 26385 - 26320 for a further downmove and failing to do so can see a move upwards towards our stoploss . 

For the month of December , longs will get confirmed with a consecutive close above 27345 for a initial target of 27860 - 27990 and sustaining / closing above it we can see a further test of 28430 - 28915 . Similarly , shorts will get confirmed with a consecutive close below  26380 for a initial target of 25870 - 25740 and sustaining / closing below it we can see a further move till 25300 - 24815 .

Now in the coming session Bank Nifty needs to break and sustain above 26625 to test 26720 - 26745 initially and sustaining above it we can see a further upmove till 26825 - 26915. Similarly breaking and sustaining below 26445 we can see a test of 26350 - 26325 initially and sustaining below it we can see a further correction till 26245 - 26155. 

Bank Nifty Spot Levels for the day are

Long above 26625 for 26680 - 26745 - 26915 , SL 26560

Short below 26445 for 26390 - 26325 - 26155 , SL 26510

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.