Bank Nifty Spot Outlook for 04th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 31920.10, made a high of 31936.60,  made a low of 31502.95 before closing at 31613.35

Had mentioned that long trade will get triggered for the day on sustaining above 31950 and short trade will get triggered for the day on sustaining below 31790. Bank Nifty triggered our short trade and  completed all targets giving 250+ points. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 32155 and then enter for a initial target of 32380 - 32435 and look to hold further only on sustaining or getting a close above 32435 for the next targets of 32625 - 32835.

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 31735 and then enter for a initial target of 31515 - 31460 and look to hold further only on sustaining or getting a close below 31460 for the next targets of 31270 - 31060.

Bank Nifty today confirmed our weekly short trade and completed our initial short trade with a low of 31502.95. Now sustaining below 31460 in the coming sessions we can see a further downmove towards 31270 - 31060 .

For this month :

For the month of December, longs will be confirmed in Bank Nifty with a consecutive close above 32380 for a initial target of 32840 - 32955 and sustaining / closing above 32955 we can see a further move till 33350 - 33785 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 31510 for a initial target of 31055 - 30935 and sustaining / closing below 30935 we can see a further move till 30545 - 30110.

Bank Nifty has immediate resistance near 32215 - 32380 and it needs to give a consecutive close above 32380 for a further upmove towards 32840 - 32955 levels.

As mentioned previously "Now on the downside Bank Nifty has immediate support near 31680 - 31510 and it needs to sustain or give a consecutive close below 31510 for a further downmove towards 31055 - 30940 levels." , today Bank Nifty tested our immediate support of 31680 - 31510 and has closed within in it. Breaking and sustaining below 31510 in the coming session can put pressure on the Bank Nifty and we can see a further correction. 

Now in the coming session Bank Nifty needs to break and sustain above 31700 to test 31795 - 31820 initially and sustaining above it we can see a further upmove till 31895 - 31985. Similarly breaking and sustaining below 31525 we can see a test of 31435 - 31410 initially and sustaining below it we can see a further correction till 31330 - 31245

Bank Nifty Spot Levels for the day are

Long above 31700 for 31755 - 31820 - 31985 , SL 31640

Short below 31525 for 31475 - 31410 - 31245 , SL 31585

P.S.The stoploss has narrowed down a lot and usually it happens when the current trend is beginning to lose its steam. Lets see how it moves along in the coming sessions.

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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.