Bank Nifty Spot Outlook for 21st Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 27128.65 , made a low of 27084.50,  made a high of 27309.10,  before closing at 27275.10 .

Had mentioned that long trade for the day will get triggered on sustaining above 27400 and short trade for the day will get triggered on sustaining below 27195 .Bank Nifty triggered our short trade with a gap down and did not give a chance to enter . 

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 had closed above 27140 on Tuesday and sustaining above it we can see a move till 27470 - 27550 in the coming sessions where one should book longs once incase it comes.

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 sustaining below 26380 and also cleared the initial resistance zone of 26850 - 26935 and has now made a high of 27364.35 doing a good 1000 points move.

Now in the coming session Bank Nifty needs to break and sustain above 27370 to test 27475 - 27500 initially and sustaining above it we can see a further upmove till 27585 - 27680. Similarly breaking and sustaining below 27180 we can see a test of 27080 - 27050 initially and sustaining below it we can see a further correction till 26965 - 26870 .

Bank Nifty Spot Levels for the day are

Long above 27370 for 27430 - 27500 - 27680 , SL 27305

Short below 27180 for 27120 - 27050 - 26870 , SL 27245

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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.