Bank Nifty Spot Outlook for 11th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 26037.65 , made a high of 26366.20,  made a low of 26072,  before closing at 26102.65

Had mentioned that long trade for the day will get triggered on sustaining above 26690 and short trade for the day will get triggered on sustaining below 26500 . Bank Nifty triggered our short trade with a big gap and did not give a chance to enter as per daily levels .

Has mentioned " For this week Bank Nifty needs to break and sustain / close above 26845 to test 27115 - 27180 initially and above it we can see a test of 27410 - 27665 . Similarly Bank Nifty needs to break and sustain / close below 26340 to test 26075 - 26005 initially and below it we can see a test of 25775 - 25525. " , and Bank Nifty confirmed our weekly shorts and completed our intiial targets giving close to 300 points . Those who are still holding shorts should look to book on a further gap down as the next session will be highly volatile with the RBI governor resignation announcement coming post market hours and also we have the 5 state election results due tomorrow.

As mentioned " 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 ." , and today once again Bank Nifty has triggered the monthly shorts and now it needs to give a consecutive close below 26380 in the coming session to confirm it and even on sustaining below 26005 we can see a test of 25870 - 25740 tomorrow where one should look to book shorts incase it comes in a gap down. 

Now in the coming session Bank Nifty needs to break and sustain above 26215 to test 26330 - 26360 initially and sustaining above it we can see a further upmove till 26465 - 26575. Similarly breaking and sustaining below 25990 we can see a test of 25875 - 25845 initially and sustaining below it we can see a further correction till 25745 - 25630. 

Bank Nifty Spot Levels for the day are

Long above 26215 for 26285 - 26360 - 26575 , SL 26135

Short below 25990 for 25925 - 25845 - 25630 , SL 26070

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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.