Tuesday, 4 December 2018

Bank Nifty Spot Outlook for 05th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 26809.50 , made a high of 26843.80,  made a low of 26644.75,  before closing at 26693.80

Had mentioned that long trade for the day will get triggered on sustaining above 26945 and short trade for the day will get triggered on sustaining below 26770 . Bank Nifty triggered our short trade and did 120 points  . 

For this week Bank Nifty needs to break and sustain / close above 27095 to test 27345 - 27405 initially and above it we can see a test of 27620 - 27855 . Similarly Bank Nifty needs to break and sustain / close below 26630 to test 26385 - 26320 initially and below it we can see a test of 26105 - 25875. So far Bank Nifty has traded sideways between our long and short weekly confirmation levels .

For the month of December , longs will get confirmed with a consecutive close above 27345 for a initial target of 27860 - 27990 and sustaining / closing above it we can see a further test of 28430 - 28915 . Similarly , shorts will get confirmed with a consecutive close below  26380 for a initial target of 25870 - 25740 and sustaining / closing below it we can see a further move till 25300 - 24815 .

Now in the coming session Bank Nifty needs to break and sustain above 26780 to test 26875 - 26895 initially and sustaining above it we can see a further upmove till 26975 - 27065. Similarly breaking and sustaining below 26605 we can see a test of 26515 - 26495 initially and sustaining below it we can see a further correction till 26415 - 26325. 


Bank Nifty Spot Levels for the day are

Long above 26780 for 26835 - 26895 - 27065 , SL 26720

Short below 26605 for 26555 - 26495 - 26325 , SL 26665

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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.