Sunday, 16 December 2018

Bank Nifty Spot Outlook for 17th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 26810.85 , made a high of 26909,  made a low of 26732.70,  before closing at 26826

Had mentioned that long trade for the day will get triggered on sustaining above 26935 and short trade for the day will get triggered on sustaining below 26700 . Bank Nifty traded between our long and short trigger indicating indecisiveness. 

For this week Bank Nifty needs to break and sustain / close above 27140 to test 27470 - 27550 initially and above it we can see a test of 27835 - 28145 . Similarly Bank Nifty needs to break and sustain / close below 26515 to test 26185 - 26105 initially and below it we can see a test of 25820 - 25510. 

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 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 near our mentioned exit levels . Bank Nifty has bounced after being unable to sustain below 26380 and we can expect a further upmove on sustaining above 26850 - 26935 in the coming sessions. 

Now in the coming session Bank Nifty needs to break and sustain above 26945 to test 27070 - 27100 initially and sustaining above it we can see a further upmove till 27205 - 27325. Similarly breaking and sustaining below 26710 we can see a test of 26585 - 26555 initially and sustaining below it we can see a further correction till 26445 - 26330. 


Bank Nifty Spot Levels for the day are

Long above 26945 for 27015 - 27100 - 27325 , SL 26860

Short below 26710 for 26635 - 26555 - 26330 , SL 26790

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.