Bank Nifty Spot Outlook for 24th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 27261.25 , made a high of 27369.10,  made a low of 26823.10,  before closing at 26869.65 .

Had mentioned that long trade for the day will get triggered on sustaining above 27370 and short trade for the day will get triggered on sustaining below 27185 .Bank Nifty triggered our short trade and did 350 points. 

For this week Bank Nifty needs to break and sustain / close above 26955 to test 27045 - 27065 initially and above it we can see a test of 27145 - 27230 . Similarly Bank Nifty needs to break and sustain / close below 26785 to test 26695 - 26675 initially and below it we can see a test of 26595 - 26510. 

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 above 26380 and also cleared the initial resistance zone of 26850 - 26935 and has made a high of 27369.10 doing a good 1000 points move. But Bank Nifty failed to close above our monthly long confirmation level of 27345 after coming close to it twice and we saw profit booking and selling return last week . 

Now in this truncated expiry week we can expect Bank Nifty to trade between 26380 - 27345 unless there is any major news flow.

Now in the coming session Bank Nifty needs to break and sustain above 26955 to test 27045 - 27065 initially and sustaining above it we can see a further upmove till 27145 - 27230. Similarly breaking and sustaining below 26785 we can see a test of 26695 - 26670 initially and sustaining below it we can see a further correction till 26595 - 26510 .

Bank Nifty Spot Levels for the day are

Long above 26955 for 27005 - 27065 - 27230 , SL 26895

Short below 26785 for 26735 - 26670 - 26510 , SL 26845

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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.