Bank Nifty Spot Outlook for 19th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 26917.30 , made a low of 26840.80,  made a high of 27210.05,  before closing at 27174.70

Had mentioned that long trade for the day will get triggered on sustaining above 27135 and short trade for the day will get triggered on sustaining below 26895 . Bank Nifty initially triggered  our short trade  and took our stoploss . Bank Nifty then triggered our long trade and did 1 target giving 70 points.

Had mentioned earlier "For this week Bank Nifty needs to break and sustain / close above 27140 to test 27470 - 27550 initially and above it we can see a test of 27835 - 28145 . Similarly Bank Nifty needs to break and sustain / close below 26515 to test 26185 - 26105 initially and below it we can see a test of 25820 - 25510. ", and today Bank Nifty closed above 27140 and sustaining above it we can see a move till 27470 - 27550 in the coming sessions.

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 Bank Nifty confirmed our shorts and completed our initial targets of 25870 - 25740 with a low of 25598.25 and gave a good chance to book shorts too near our mentioned exit levels . Bank Nifty has bounced after being unable to sustain below 26380 and we can expect a further upmove as it has closed above 26850 - 26935 .

Now in the coming session Bank Nifty needs to break and sustain above 27290 to test 27415 - 27445 initially and sustaining above it we can see a further upmove till 27550 - 27670. Similarly breaking and sustaining below 27060 we can see a test of 26935 - 26905 initially and sustaining below it we can see a further correction till 26800 - 26680. 

Bank Nifty Spot Levels for the day are

Long above 27290 for 27365 - 27445 - 27670 , SL 27210

Short below 27060 for 26985 - 26905 - 26680 , SL 27140

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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.