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.