Wednesday, 26 December 2018

Bank Nifty Spot Outlook for 27th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 26634 , made a low of 26408.15,  made a high of 27029.15,  before closing at 26986.80 .

Had mentioned that long trade for the day will get triggered on sustaining above 26805 and short trade for the day will get triggered on sustaining below 26625 .Bank Nifty triggered our short trade and did 225 points. It then took support near our weekly support levels of 26410 - 26350 and bounced back sharply to trigger our long trade and did 200 points .

As mentioned " 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.", and Bank Nifty today below 26645  tested our targets of 26410 - 26350 with a low of 26408.15 and bounced back sharply. Now in the coming session Bank Nifty needs to sustain above 27095 for a further upmove towards 27330 - 27390 .

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 . 

Also as mentioned " Now in this truncated expiry week we can expect Bank Nifty to trade between 26380 - 27345 unless there is any major news flow." , and today Bank Nifty made a low of 26408.15 and bounced back sharply to close just below 27000. 

Now in the coming session Bank Nifty needs to break and sustain above 27065 to test 27145 - 27165 initially and sustaining above it we can see a further upmove till 27235 - 27310. Similarly breaking and sustaining below 26910 we can see a test of 26830 - 26810 initially and sustaining below it we can see a further correction till 26740 - 26665 .


Bank Nifty Spot Levels for the day are

Long above 27065 for 27110 - 27165 - 27310 , SL 27010

Short below 26910 for 26865 - 26810 - 26665 , SL 26965

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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.

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