Weekly Spot Outlook Of Bank Nifty for 02nd to 06th Dec

BANK NIFTY

This past week Bank Nifty spot went down by 62 points then went up by 1045 points before finally ending the week with a gain of 835 points compared to last weekly closing.

Bank Nifty made a new life time high of 32157.05 and made a low of 31049.75 in the previous week. 

Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 31395 to enter for a test of 31690 - 31765 initially and above it further till 32025 - 32300 and to confirm a short trade Bank Nifty needs to sustain/close below 30830 to test 30530 - 30455 initially and below it further till 30200 - 29920 , and Bank Nifty triggered our long trade and nearly completed all targets giving 850+ points .

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 32155 and then enter for a initial target of 32380 - 32435 and look to hold further only on sustaining or getting a close above 32435 for the next targets of 32625 - 32835.

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 31735 and then enter for a initial target of 31515 - 31460 and look to hold further only on sustaining or getting a close below 31460 for the next targets of 31270 - 31060.

For this month :

For the month of December, longs will be confirmed in Bank Nifty with a consecutive close above 32380 for a initial target of 32840 - 32955 and sustaining / closing above 32955 we can see a further move till 33350 - 33785 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 31510 for a initial target of 31055 - 30935 and sustaining / closing below 30935 we can see a further move till 30545 - 30110.

Bank Nifty has immediate resistance near 32215 - 32380 and it needs to give a consecutive close above 32380 for a further upmove towards 32840 - 32955 levels.

Now on the downside Bank Nifty has immediate support near 31680 - 31510 and it needs to sustain or give a consecutive close below 31510 for a further downmove towards 31055 - 30940 levels. 

Bank Nifty Spot Levels for the week are

Long above 32075 , Tgt 32155 - 32220 - 32285

IF Bank Nifty spot manages to get a close / sustain above 32380 then 

long again for 32435 - 32625 - 32835

Short below 31815 , Tgt 31735 - 31670 - 31605

IF Bank Nifty spot manages to get a close / sustain below 31515 then 

short again for 31460 - 31270 - 31060

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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.