Wednesday, 4 December 2019

Bank Nifty Spot Outlook for 05th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 31549.30, made a low of 31444.00,  made a high of 32017.75 before closing at 31979.30


Had mentioned that long trade will get triggered for the day on sustaining above 31700 and short trade will get triggered for the day on sustaining below 31525. Bank Nifty initially triggered our short trade and  completed just 1 target and took our TSL. Bank Nifty then reversed to trigger our short trade and completed all targets giving 275+ points in the last hour after a choppy session initially.


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.

Bank Nifty had confirmed our weekly short trade and today completed our initial short targets of 31515 - 31460 with a low of 31444.00 giving 350+ points from the weekly short trade. Bank Nifty then failed to sustain below 31460 and we saw a strong pullback towards 32000 levels. Now we are again back to the sideways range of 31735 - 32155 unless we get a decisive close beyond this range on either side.



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.

As mentioned previously "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." , today Bank Nifty tested our immediate support of 31680 - 31510 and has closed within in it. Breaking and sustaining below 31510 in the coming session can put pressure on the Bank Nifty and we can see a further correction. 





Now in the coming session Bank Nifty needs to break and sustain above 32075 to test 32180 - 32205 initially and sustaining above it we can see a further upmove till 32295 - 32390. Similarly breaking and sustaining below 31880 we can see a test of 31780 - 31755 initially and sustaining below it we can see a further correction till 31665 - 31570



Bank Nifty Spot Levels for the day are

Long above 32075 for 32135 - 32205 - 32390 , SL 32010

Short below 31880 for 31825 - 31755 - 31570 , SL 31950


P.S.The stoploss has narrowed down a lot and usually it happens when the current trend is beginning to lose its steam. Lets see how it moves along in the coming sessions.

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