Thursday, 29 December 2016

Bank Nifty Spot Outlook for 30th December

BANK NIFTY


Bank Nifty spot opened at 17861.45 and made a low of 17829.40, then went up till 18053.30 before closing at 18033.15 . Had  mentioned that long positions can be taken above 17926 and short positions can be taken below 17827 for the day . Bank Nifty triggered our long and completed 2 targets .  Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285  and today again we saw Bank Nifty get close to 18075 but was unable to break above it but has managed to close today just above 18025. Above 18285 Bank Nifty has its next resistance at 18505 - 18805 levels where it has been taking resistance the entire month of December . On closing above these levels we can expect a bounce till 19020 - 19210 levels  . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into .  As mentioned ' For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 17976 we can expect Bank Nifty to face resistance near 18032 - 18072 initially . Now Closing above 18097 we can expect a move till  18180 - 18272 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 17792 we can expect Bank Nifty to get some support near 17736 - 17696 initially .Closing below 17671 we can expect a move till 17588 - 17496 .Today again we saw Bank Nifty test our next resistance zone as per weekly long levels of 18032 - 18072 and take resistance but it managed to close just above 18025  . 

For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 . 

For today if Bank Nifty spot sustains above 18089 we can see a initial move upto 18149 & on sustaining above 18164 we may see further upmove  till 18271. Similarly if Bank Nifty spot sustains below 17977 we may see a initial move on the downside upto 17918 &  on sustaining below 17903 we may see further downmove till 17795

Bank Nifty Spot Levels for the day are

Long above 18089 for 18124 
– 18164 – 18271 , SL 18016

Short below 17977 for 17942 – 17903 – 17795 , SL 18050

This is the last post for the calendar year 2016 and I would like to thank all those who have been reading my posts regularly thereby providing me with the motivation to keep writing.

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.

Nifty Spot Outlook for 30th December

NIFTY


Nifty spot  opened  at 8030.60 and made a low of 8020.80 , went up till 8111.10 before closing at 8103.60 . Had mentioned that long positions can be taken above 8057 and short positions can be taken  below 8013 for the day .  Nifty triggered our long trade and completed 2 targets .  As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this being tested this week but Nifty had managed to hold it on closing .  Till Nifty does not give a consecutive close above 8398 this month we can expect all upmoves to get sold into  . Have been mentioning since the beginning of December that 'IF we get a consecutive close below 8051 this month then we can expect the downmove  to continue till 7900' which was achieved by Nifty by making a low of 7893.80 .   For this week Nifty spot needs to break and sustain above 8020 then we can expect a move till 8040 - 8055 initially and closing above 8065 we can expect the next move till 8095 - 8130.  Similarly this week Nifty spot needs to break and sustain below 7952 then we can expect a till 7931 - 7916 initially and closing below 7907 we can expect a move till 7877 - 7843. Nifty has today closed within the next resistance range of 8095 - 8130 and now we need to see if it can break out of this range and sustain for further upmove .

For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .

For today if Nifty spot sustains above 8128 we can see a initial move on the upside upto 8153 & on sustaining above 8160 we may see further upmove till 8206. Similarly if Nifty spot sustains below 8079 we may see a initial move on the downside upto 8054 & on sustaining below 8047 we may see a further downmove till 8001


Nifty Spot Levels for the day are

Long above 8128 for 8143 - 8160 - 8206 , SL 8096

Short below 8079 for 8065 - 8047 - 8001 , SL 8111

This is the last post for the calendar year 2016 and I would like to thank all those who have been reading my posts regularly thereby providing me with the motivation to keep writing.

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.

Wednesday, 28 December 2016

Bank Nifty Spot Outlook for 29th December

BANK NIFTY


Bank Nifty spot opened at 17929.20 and made a low of 17829.15, then went up till 18059.65 before closing at 17876.70 . Had  mentioned that long positions can be taken above 17931 and short positions can be taken below 17828 for the day . Bank Nifty triggered our long and completed 2 targets . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot ' and Bank Nifty has given a further correction of 400+ points on closing / sustaining below it.  Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285  and today we saw Bank Nifty get close to 18075 but was unable to break above it and we saw profit booking and fresh shorting take away all its gains. IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels  . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into . Bank Nifty has been taking resistance in the range of 18505 - 18805 levels and reversing and it needs to break and close above this level for further upmove.  As mentioned ' For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 17976 we can expect Bank Nifty to face resistance near 18032 - 18072 initially . Closing above 18097 we can expect a move till  18180 - 18272 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 17792 we can expect Bank Nifty to get some support near 17736 - 17696 initially . Closing below 17671 we can expect a move till 17588 - 17496 .We are now at a small support zone of 17750 - 17580 which if held then we can see a retest of 18075 - 18285 initially . Today we saw Bank Nifty test our next resistance zone as per weekly long levels of 18032 - 18072 and get sold into . 

For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 . 

For today if Bank Nifty spot sustains above 17926 we can see a initial move upto 17979 & on sustaining above 17992 we may see further upmove  till 18087. Similarly if Bank Nifty spot sustains below 17827 we may see a initial move on the downside upto 17774 &  on sustaining below 17761 we may see further downmove till 17666

Bank Nifty Spot Levels for the day are

Long above 17926 for 17957 
– 17992 – 18087 , SL 17861

Short below 17827 for 17796 – 17761 – 17666 , SL 17892

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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.

Nifty Spot Outlook for 29th December

NIFTY


Nifty spot  opened  at 8047.55 and made a high of 8100.55 , went down till 8028.40 before closing at 8034.85 . Had mentioned that long positions can be taken above 8055 and short positions can be taken  below 8011 for the day .  Nifty triggered our long trade and completed 2 targets .  As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this being tested this week but Nifty had managed to hold it on closing .  Till Nifty does not give a consecutive close above 8398 this month we can expect all upmoves to get sold into  . Have been mentioning since the beginning of December that 'IF we get a consecutive close below 8051 this month then we can expect the downmove  to continue till 7900' which was achieved by Nifty by making a low of 7893.80 .   For this week Nifty spot needs to break and sustain above 8020 then we can expect a move till 8040 - 8055 initially and closing above 8065 we can expect the next move till 8095 - 8130.  Similarly this week Nifty spot needs to break and sustain below 7952 then we can expect a till 7931 - 7916 initially and closing below 7907 we can expect a move till 7877 - 7843. Nifty today tested our next resistance range for longs of 8095 - 8130 before seeing profit booking erase all the gains . 

We are at the last day for December expiry and the expiry day range is as mentioned below 

Upper End  - 8100
Lower End - 7969

For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .

For today if Nifty spot sustains above 8057 we can see a initial move on the upside upto 8080 & on sustaining above 8086 we may see further upmove till 8128. Similarly if Nifty spot sustains below 8013 we may see a initial move on the downside upto 7990 & on sustaining below 7984 we may see a further downmove till 7942


Nifty Spot Levels for the day are

Long above 8057 for 8070 - 8086 - 8128 , SL 8028

Short below 8013 for 7999 - 7984 - 7942 , SL 8042

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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.

Tuesday, 27 December 2016

Bank Nifty Spot Outlook for 28th December

BANK NIFTY


Bank Nifty spot opened at 17677.70 and made a low of 17616.10, then went up till 17907.35 before closing at 17879.55 . Had  mentioned that long positions can be taken above 17691 and short positions can be taken below 17620 for the day . Bank Nifty triggered our long and completed all our targets . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot ' and Bank Nifty has given a further correction of 400+ points on closing / sustaining below it.  Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285  . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels  . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into . Bank Nifty has been taking resistance in the range of 18505 - 18805 levels and reversing and it needs to break and close above this level for further upmove.  For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 17976 we can expect Bank Nifty to face resistance near 18032 - 18072 initially . Closing above 18097 we can expect a move till  18180 - 18272 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 17792 we can expect Bank Nifty to get some support near 17736 - 17696 initially . Closing below 17671 we can expect a move till 17588 - 17496 . We are now at a small support zone of 17750 - 17580 which if held then we can see a retest of 18075 - 18285 initially . Bank Nifty still has to break above 17976 to confirm weekly longs though Nifty has done it today by closing above 8020 , indicating that it is still under pressure and can drag Nifty down too if it is unable to break and sustain above 17976 .

For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 . 

For today if Bank Nifty spot sustains above 17931 we can see a initial move upto 17985 & on sustaining above 18000 we may see further upmove  till 18097. Similarly if Bank Nifty spot sustains below 17828 we may see a initial move on the downside upto 17774 &  on sustaining below 17760 we may see further downmove till 17662

Bank Nifty Spot Levels for the day are

Long above 17931 for 17963 
– 18000 – 18097 , SL 17864

Short below 17828 for 17796 – 17760 – 17662 , SL 17895

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.

Nifty Spot Outlook for 28th December

NIFTY


Nifty spot  opened  at 7915.05 and made a low of 7903.70 , went up till 8044.65 before closing at 8032.85 . Had mentioned that long positions can be taken above 7919 and short positions can be taken  below 7898 for the day .  Nifty triggered our long trade and completed all our targets . Had mentioned in the previous post that ' Nifty has given a borderline close just 1 point above our confirmation level to stay short  ' . As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' and we had seen this being tested but Nifty had managed to hold it on closing .  Till Nifty does not give a consecutive close above 8398 this month we can expect all upmoves to get sold into  . Have been mentioning since the beginning of December that 'IF we get a consecutive close below 8051 this month then we can expect the downmove  to continue till 7900' which was achieved by Nifty by making a low of 7893.80 .  For this week Nifty spot needs to break and sustain above 8020 then we can expect a move till 8040 - 8055 initially and closing above 8065 we can expect the next move till 8095 - 8130.  Similarly this week Nifty spot needs to break and sustain below 7952 then we can expect a till 7931 - 7916 initially and closing below 7907 we can expect a move till 7877 - 7843.  Had mentioned in the previous post 'Those who are holding shorts should keep a cbsl of 7942' . Today Nifty has closed above 8020 after testing our initial resistance range of 8040 - 8055 by making a high of 8044.65 . Now Nifty needs to hold 8020 and break and sustain above 8065 to move up further. Those who are holding longs now should keep a SL of 7996. 

For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .

For today if Nifty spot sustains above 8055 we can see a initial move on the upside upto 8078 & on sustaining above 8084 we may see further upmove till 8125. Similarly if Nifty spot sustains below 8011 we may see a initial move on the downside upto 7988 & on sustaining below 7982 we may see a further downmove till 7940


Nifty Spot Levels for the day are

Long above 8055 for 8068 - 8084 - 8125 , SL 8026

Short below 8011 for 7998 - 7982 - 7940 , SL 8040

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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.

Monday, 26 December 2016

Bank Nifty Spot Outlook for 27th December

BANK NIFTY


Bank Nifty spot opened at 17825.50 and made a high of 17860.85,  then went down till 17606.90 before closing at 17655.55 . Have mentioned in the updated weekly post that short positions can be taken below 17827 for the week . Bank Nifty triggered our weekly short trade and completed 4 targets . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot ' and Bank Nifty has given a further correction of 400+ points on closing / sustaining below it.  Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285  . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels  . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into . Bank Nifty has been taking resistance in the range of 18505 - 18805 levels and reversing and it needs to break and close above this level for further upmove.  For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 17976 we can expect Bank Nifty to face resistance near 18032 - 18072 initially . Closing above 18097 we can expect a move till  18180 - 18272 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 17792 we can expect Bank Nifty to get some support near 17736 - 17696 initially . Closing below 17671 we can expect a move till 17588 - 17496 . We are now at a small support zone of 17750 - 17580 which if held then we can see a retest of 18075 - 18285 initially .

For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 . 

For today if Bank Nifty spot sustains above 17691 we can see a initial move upto 17728 & on sustaining above 17737 we may see further upmove  till 17804. Similarly if Bank Nifty spot sustains below 17620 we may see a initial move on the downside upto 17583 &  on sustaining below 17574 we may see further downmove till 17506

Bank Nifty Spot Levels for the day are

Long above 17691 for 17712 
– 17737 – 17804 , SL 17645

Short below 17620 for 17599 – 17574 – 17506 , SL 17666

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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.

Nifty Spot Outlook for 27th December

NIFTY


Nifty spot  opened  at 7965.10 and made a high of 7970.05 , went down till 7893.80 before closing at 7908.25 . Had mentioned in the weekly post short positions can be taken below 7965 for this week .  Nifty triggered our weekly short after opening and completed 4 targets before giving a borderline closing at 7908.25 just 1 point above our confirmation to stay short . As mentioned in the previous post too ' A deeper downmove can be expected on a consecutive close below 7895 ' and today we saw this level being tested but Nifty managed to hold it on closing .  Till Nifty does not give a consecutive close above 8398 this month we can expect all upmoves to get sold into  . Have been mentioning since the beginning of December that 'IF we get a consecutive close below 8051 this month then we can expect the downmove  to continue till 7900' today Nifty finally achieved it by making a low of 7893.80 .  For this week Nifty spot needs to break and sustain above 8020 then we can expect a move till 8040 - 8055 initially and closing above 8065 we can expect the next move till 8095 - 8130.  Similarly this week Nifty spot needs to break and sustain below 7952 then we can expect a till 7931 - 7916 initially and closing below 7907 we can expect a move till 7877 - 7843.  Those who are holding shorts should keep a cbsl of 7942 .

For the month of December we can expect uptrend in Nifty spot on a consecutive closing above 8398 and downtrend on a consecutive closing below 8051 .

For today if Nifty spot sustains above 7919 we can see a initial move on the upside upto 7930 & on sustaining above 7932 we may see further upmove till 7952. Similarly if Nifty spot sustains below 7898 we may see a initial move on the downside upto 7887 & on sustaining below 7884 we may see a further downmove till 7865


Nifty Spot Levels for the day are

Long above 7919 for 7925 - 7932 - 7952 , SL 7905

Short below 7898 for 7892 - 7884 - 7865 , SL 7912

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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.

Sunday, 25 December 2016

Updated Weekly Spot Outlook Of Bank Nifty for 26th to 30th December

BANK NIFTY

This week Bank Nifty spot went down 493 points over last weeks close and finally ended the week with a loss of 429 points compared to last weekly closing . 


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 18490 to confirm uptrend and Bank Nifty spot needed to break and sustain below 18140 to confirm downtrend for the week. Bank Nifty made a high of 18316.80 and a low of 17819.75 


This week Bank Nifty triggered our short trade and completed 4 targets giving us around 350+ points from the short trade . Bank Nifty had corrected all the way till 18824.40 in the month of October and it had corrected further till 18143.70 in the month of November after caution was advised for longs in the month of September once 20080 was breached on closing  . We saw a panic low of 17952.60 in December on the news of no rate cut by RBI and have seen a new low of 17819.75 last week . We have now seen a correction of nearly 2000+ points from our caution level of 20080 given 14 weeks ago.  Have been mentioning in the previous weekly posts  'IF Bank Nifty breaks / sustains above 18505 - 18805 levels then we can expect next resistance near 19060 - 19210 levels and above it we can see a retest of 19500 again' and Bank Nifty was unable to break and sustain above it to move up further . Now 'Bank has to sustain above 18075 to test the initial resistance near 18275 - 18325' .  Bank Nifty needs to break and sustain above this range in the coming week for further upmove . Bank Nifty will keep facing pressure as long as Nifty keeps trading below 8362 - 8562 levels . As mentioned previously too 'Those who would have taken long positions in Bank Nifty in the correction should keep a cbsl of 18025 spot' which has been taken now . Had been mentioning since the beginning of December that 'Till Bank Nifty spot does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into.' and we are now at the end of the month and it has held so far. 


For the month of December we can expect uptrend in Bank Nifty Spot on a consecutive close above 19181 and downtrend continuation would be on a consecutive close below 18075 .


In the coming week Bank Nifty spot needs to break and sustain above 17976 to confirm uptrend and then one can expect a move till 18072 initially and breaking and sustaining above 18097 will give further confirmation of the next move which can take us till 18272. Similarly Bank Nifty spot needs to break and sustain below 17792 to confirm downtrend and then one can expect a move till 17696 initially and breaking and sustaining below 17671 will give further confirmation of the next move which can take us down till 17496.


Bank Nifty Spot Levels for the week are

Long above 17941 , Tgt 17976 - 18005 - 18032

IF Bank Nifty spot manages to get a close / sustain above 18072 then 

long again for 18097 - 18180 - 18272

Short below 17827 , Tgt 17792 - 17764 - 17735

IF Bank Nifty spot manages to get a close / sustain below 17696 then 

short again for 17671 - 17588 - 17496

The levels have been updated as there was an error in them . Any inconvenience caused is deeply regretted .


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.

Weekly Spot Outlook of Nifty for 26th to 30th December

NIFTY

This week Nifty spot went down 197 points over last weeks close and finally ended the week with a loss of 154 points compared to last weekly closing . 


As per levels given for the previous week Nifty Spot needed to break and sustain above 8205 to confirm uptrend and Nifty spot needed to break and sustain below 8075 to confirm downtrend for the week. Nifty made a high of 8132.50 and a low of 7942.05 for the week.

This week Nifty triggered our short trade and achieved nearly 5 targets giving around 150 points from the short trade . Nifty had corrected all the way till 8506.15 in the month of October and had corrected further till 7916.40 in November after caution was advised for longs in September once 8900 was breached on closing . Have been mentioning since November in the weekly posts 'Those who are holding positional longs or those who are looking to enter on dips should keep a strict CBSL of 7895 for their positions.' . We are once again close to this level and sustaining / closing below it should be watched by those who are entering longs here . Had been mentioning since the beginning of December 'Till Nifty does not give a consecutive close above 8398 this month we can expect the upmoves to get sold into. ' and now we are at the end of the month and it has held well so far . Nifty needs to sustains above 8020 next week for a upmove to begin . We are entering the expiry week for December series in F&O and as per the levels 


For the month of December we can expect uptrend in Nifty spot on a consecutive close above 8398 and downtrend continuation would be on a consecutive close below 8051


In the coming week Nifty spot needs to break and sustain above 8020 to confirm uptrend and then one can expect a move till 8055 initially and breaking and sustaining above 8064 will give further confirmation for the next move which can take us up till 8130. Similarly Nifty spot needs to break and sustain below 7952 to confirm downtrend and then one can expect a move till 7916 initially and breaking and sustaining below 7907 will give further confirmation for the next move which can take us down till 7843 . 


Nifty Spot Levels for the week are

Long above 8007 , Tgt  8020 - 8030 - 8040

IF Nifty spot manages to get a close / sustain above 8055 then ,

long again for 8064 - 8095 - 8130

Short below 7965 , Tgt 7952 - 7942 - 7931

IF Nifty spot manages to get a close / sustain below 7916 then, 

short again for 7907 - 7877 - 7843


P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

Thursday, 22 December 2016

Bank Nifty Spot Outlook for 23rd December

BANK NIFTY


Bank Nifty spot opened at 18027 and made a high of 18029.60,  then went down till 17839.75 before closing at 17891.45 . Had mentioned that long positions can be taken above 18136 and short positions can be taken below 18033 for the day. Bank Nifty triggered our short trade and completed all our targets for the day . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot ' Bank Nifty has again given a close below 18075 today and if unable to break above it tomorrow we can see further correction .  If it is unable to give a consecutive close below 18075 then we may again see a test of the initial resistance of 18285  . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels initially . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into . Bank Nifty has been taking resistance in the range of 18505 - 18805 levels and reversing and it needs to break and close above this level for further upmove. Till Bank Nifty does not give a consecutive close below 18075 we can expect the downmoves to get bought into . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 18490 we can expect Bank Nifty to face resistance near 18595 - 18670 initially . Closing above 18720 we can expect a move till  18875 - 19050 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18140 we can expect Bank Nifty to get some support near 18030 - 17955 initially . Closing below 17910 we can expect a move till 17750 - 17580 . We have seen Bank Nifty make a low of 17839 and we are now approaching our last targets and also a support zone of 17750 - 17580 which if held then we can see a retest of 18075 - 18285 initially and above it till 18505 - 18805 . 

For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 . 

For today if Bank Nifty spot sustains above 17935 we can see a initial move upto 17985 & on sustaining above 17995 we may see further upmove  till 18075. Similarly if Bank Nifty spot sustains below 17848 we may see a initial move on the downside upto 17801 &  on sustaining below 17790 we may see further downmove till 17705

Bank Nifty Spot Levels for the day are

Long above 17935 for 17962 
– 17995 – 18075 , SL 17878

Short below 17848 for 17820 – 17790 – 17705 , SL 17905

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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.