Bank Nifty Spot Outlook for 16th December

BANK NIFTY

Bank Nifty spot opened at 18143.50 and made a low of 18122.10 , then went up till 18532 before closing at 18401.15. Fed has finally increased the rates by 0.25 after delaying it for so long and now markets should take a clear direction with the event out of the way . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot .Now Bank Nifty spot has initial resistance near 18505 - 18805 levels' .Bank has so far held on to our cbsl of 18075 and if it continues to hold it then we should see a retest of 18505 - 18805 zone . 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 this upmove to be sold into . Also had mentioned in the previous post 'For this week If Bank Nifty confirms our weekly longs by sustaining / closing above 18915 we can expect Bank Nifty to face resistance near 19045 - 19140 levels initially .Closing above 19200 we can expect a move till 19380 - 19500 levels. If Bank Nifty confirms our weekly shorts by sustaining / closing below 18480 we can expect Bank Nifty to get some support near 18345 - 18250 initially . Closing below  18195 we can expect a move till 17995 - 17785. So far Bank Nifty has been holding on to its support of 18345 - 18250 . 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 . Bank Nifty broke below 18195 but did not sustain for long and closed well above and if it holds the same we can expect a test of upto 18805 again.

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 18470 we can see a initial move upto 18540 & on sustaining above 18560 we may see further upmove  till 18690. Similarly if Bank Nifty spot sustains below 18330 we may see a initial move on the downside upto 18260 &  on sustaining below 18240 we may see further downmove till 18110

Bank Nifty Spot Levels for the day are

Long above 18470 for 18510 – 18560 – 18690 , SL 18380

Short below 18330 for 18290 – 18240 – 18110 , SL 18425

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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.