Tuesday, 25 December 2018

Bank Nifty Spot Outlook for 26th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 26877.05 , made a high of 26934.85,  made a low of 26676.95,  before closing at 26714.75 .

Had mentioned that long trade for the day will get triggered on sustaining above 26955 and short trade for the day will get triggered on sustaining below 26785 .Bank Nifty triggered our short trade and did 100 points. 

For this week Bank Nifty needs to break and sustain / close above 27095 to test 27330 - 27390 initially and above it we can see a test of 27595 - 27820 . Similarly Bank Nifty needs to break and sustain / close below 26645 to test 26410 - 26350 initially and below it we can see a test of 26145 - 25920. Now in the coming session Bank Nifty has to break and sustain below 26645 to test 26410 - 26350 initially.

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 sustaining above 26380 and also cleared the initial resistance zone of 26850 - 26935 and has made a high of 27369.10 doing a good 1000 points move. But Bank Nifty failed to close above our monthly long confirmation level of 27345 after coming close to it twice and we saw profit booking and selling return last week . 

Now in this truncated expiry week we can expect Bank Nifty to trade between 26380 - 27345 unless there is any major news flow.

Now in the coming session Bank Nifty needs to break and sustain above 26805 to test 26900 - 26925 initially and sustaining above it we can see a further upmove till 27005 - 27095. Similarly breaking and sustaining below 26625 we can see a test of 26530 - 26510 initially and sustaining below it we can see a further correction till 26425 - 26335 .


Bank Nifty Spot Levels for the day are

Long above 26805 for 26860 - 26925 - 27095 , SL 26740

Short below 26625 for 26570 - 26510 - 26335 , SL 26690

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.