Weekly Spot Outlook of Bank Nifty for 17th to 21st Dec

BANK NIFTY

This week Bank Nifty spot went down by 995 points , then went up by 357 points  before finally ending the week with a gain of 232 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 26845 to confirm uptrend and Bank Nifty spot needed to sustain and close below 26340 to confirm downtrend for the week. Bank Nifty made a high of 26951.45 and made a low of 25598.95 for the week. 

In the previous had mentioned that "Now in the coming week Bank Nifty needs to break and sustain / close above 26845 for a test of 27115 - 27180 initially and closing above it we can see a further move till 27410 - 27665. Similarly on sustaining / closing below 26340 we can see a test of 26075 - 26005 initially and closing below it we can see a test of 25775 - 25525 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 26845 and enter with a stoploss of 26670 for a target of 27115 - 27180 and look to hold further only on getting a close above the initial target zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26340 and enter with a stoploss of 26520 for a target of 26075 - 26005 and look to hold further only on getting a close below the initial target zone . " and Bank Nifty confirmed our weekly short trade and nearly completed all targets doing 900 + points .

Now in the coming week Bank Nifty needs to break and sustain / close above 27140 for a test of 27470 - 27550 initially and closing above it we can see a further move till 27835 - 28145. Similarly on sustaining / closing below 26515 we can see a test of 26185 - 26105 initially and closing below it we can see a test of 25820 - 25510 . Those who are looking to enter fresh long positions should wait for Bank Nifty to sustain / close above 27140 and enter with a stoploss of 26920 for a target of 27470 - 27550 and look to hold further only getting a close above the initial target zone . Those who are looking to enter fresh shorts should wait for Bank Nifty to sustain / close below 26515 and enter with a stoploss of 26730 for a target of 26185 - 26105 and look to hold further only on getting a close below the initial target zone . 

As mentioned " For the month of December , longs will be confirmed in Bank Nifty with a consecutive close above 27345 for a initial target of 27860 - 27990 and sustaining / closing above it we can see a further move till 28430 - 28915 . Similarly Bank Nifty shorts will be 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 gave a close below 26380 last week but failed to give a consecutive close .

Bank Nifty Spot Levels for the week are

Long above 27020 , Tgt 27140 - 27235 - 27330

IF Bank Nifty spot manages to get a close / sustain above 27470 then 

long again for 27550 - 27835 - 28145

Short below 26635 , Tgt 26515 - 26420 - 26320

IF Bank Nifty spot manages to get a close / sustain below 26185 then 

short again for 26105 - 25820 - 25510

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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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.