Thursday, 6 December 2018

Bank Nifty Spot Outlook for 07th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 26339.10 , made a high of 26359.90,  made a low of 26149.45,  before closing at 26198.30

Had mentioned that long trade for the day will get triggered on sustaining above 26625 and short trade for the day will get triggered on sustaining below 26445 . Bank Nifty triggered our short trade with a gap down and completed all our targets doing 200 points  . 

As mentioned " 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. " , and Bank Nifty had triggered our weekly short trade in the previous session and today completed nearly 5 targets . Those who are still short should keep a TSL of 26290 and look to book incase of a gap down near 25870 - 25740 . 

As mentioned " 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 ." , and today Bank Nifty triggered our short trade and we can see a test of 25870 - 25740 sustaining below 26380 in the coming session.

Now in the coming session Bank Nifty needs to break and sustain above 26290 to test 26390 - 26415 initially and sustaining above it we can see a further upmove till 26500 - 26590. Similarly breaking and sustaining below 26105 we can see a test of 26010 - 25985 initially and sustaining below it we can see a further correction till 25900 - 25805. 


Bank Nifty Spot Levels for the day are

Long above 26290 for 26350 - 26415 - 26590 , SL 26225

Short below 26105 for 26050 - 25985 - 25805 , SL 26170

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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.