Bank Nifty Spot Outlook for 13th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 26286.25 , made a low of 26214.75,  made a high of 26672.70,  before closing at 26643.85

Had mentioned that long trade for the day will get triggered on sustaining above 26275 and short trade for the day will get triggered on sustaining below 26050 . Bank Nifty triggered our long trade and did nearly 400 points.

Has mentioned " For this week Bank Nifty needs to break and sustain / close above 26845 to test 27115 - 27180 initially and above it we can see a test of 27410 - 27665 . Similarly Bank Nifty needs to break and sustain / close below 26340 to test 26075 - 26005 initially and below it we can see a test of 25775 - 25525. Those who are still holding shorts should look to book on a further gap down as the next session will be highly volatile with the RBI governor resignation announcement coming post market hours and also we have the 5 state election results due tomorrow." , and Bank Nifty completed all our weekly short targets doing 1000+ points . Post that Bank Nifty has bounced back nearly 1000+ points too .

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. Bank Nifty triggered the monthly shorts and now it needs to give a consecutive close below 26380 in the coming session to confirm it and even on sustaining below 26005 we can see a test of 25870 - 25740 tomorrow where one should look to book shorts incase it comes in a gap down. " , and Bank Nifty confirmed our shorts and completed our initial targets of 25870 - 25740 with a low of 25598.25 and gave a good chance to book shorts too. Now today Bank Nifty has bounced after being unable to sustain below 36380 and we can expect a further upmove on sustaining above 26670 till 26850 and stronger move on sustaining / closing above 26850. 

Now in the coming session Bank Nifty needs to break and sustain above 26760 to test 26880 - 26910 initially and sustaining above it we can see a further upmove till 27015 - 27130. Similarly breaking and sustaining below 26530 we can see a test of 26410 - 26380 initially and sustaining below it we can see a further correction till 26275 - 26160. 

Bank Nifty Spot Levels for the day are

Long above 26760 for 26830 - 26910 - 27130 , SL 26680

Short below 26530 for 26460 - 26380 - 26160 , SL 26610

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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.