Bank Nifty Spot Outlook for 24th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 32381.00, made a high of 32502.80 , made a low of 32196.85 before closing at 32339.45

Had mentioned that long trade will get triggered for the day on sustaining above 32450 and short trade will get triggered for the day on sustaining below 32320. Bank Nifty initially triggered our long trade and completed just 1 target and took our TSL. Bank Nifty then reversed to trigger our short trade and completed 2 targets. 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 32560 and then enter for a initial target of 32745 - 32795 and look to hold further only on sustaining or getting a close above 32795 for the next targets of 32955 - 33130.

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 32210 and then enter for a initial target of 32025 - 31975 and look to hold further only on sustaining or getting a close below 31975 for the next targets of 31815 - 31640.

Bank Nifty needs to break its range of 32210 - 32560 this week on good volumes on any side for a bigger move.

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 had confirmed our monthly short trade below 31510 and completed our initial targets giving 500 points . Nifty failed to give a consecutive close below 11895 to confirm its monthly short trade and recovered strongly and Bank also followed with a bounce. 

Now Nifty had confirmed its monthly longs but today Bank Nifty failed to give a consecutive close strongly above 32380 to confirm its monthly longs too due to which we can see Nifty also face some pressure and witness some profit booking. 

Bank Nifty has immediate resistance for this week at 32495 - 32560 and sustaining above it the next resistance is at 32745 - 32795.

Bank Nifty has immediate support for this week at 32275 - 32210 and sustaining below it the next support is at 32025 - 31975 

Now in the coming session Bank Nifty needs to break and sustain above 32400 to test 32465 - 32480 initially and sustaining above it we can see a further upmove till 32530 - 32590. Similarly breaking and sustaining below 32280 we can see a test of 32215 - 32200 initially and sustaining below it we can see a further correction till 32145 - 32085

Bank Nifty Spot Levels for the day are

Long above 32400 for 32435 - 32480 - 32590 , SL 32360

Short below 32280 for 32245 - 32200 - 32085 , SL 32320

Once again the stoploss has today come down to 45 points which if reduces further will indicate a change in trend can occur or we might see days of sideways moves .

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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.