Thursday, 5 December 2019

Bank Nifty Spot Outlook for 06th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 32083.80, made a high of 32126.95,  made a low of 31628.30 before closing at 31712.95


Had mentioned that long trade will get triggered for the day on sustaining above 32075 and short trade will get triggered for the day on sustaining below 31880. Bank Nifty initially triggered our long trade and  took our stoploss. Bank Nifty then reversed to trigger our short trade and completed 2 targets giving 200+ 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.

Bank Nifty had confirmed our weekly short trade and 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. Today Bank Nifty has closed below the sideways range of 31735 - 32155 and again sustaining below 31735 we can see a retest of 31515 - 31460 . 



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." , Bank Nifty had tested our immediate support of 31680 - 31510 and has closed within in it and then again attemped a upmove to close above 32000 which has failed. 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 31810 to test 31915 - 31940 initially and sustaining above it we can see a further upmove till 32030 - 32125. Similarly breaking and sustaining below 31615 we can see a test of 31515 - 31485 initially and sustaining below it we can see a further correction till 31400 - 31300



Bank Nifty Spot Levels for the day are

Long above 31810 for 31870 - 31940 - 32125 , SL 31745

Short below 31615 for 31555 - 31485 - 31300 , SL 31685


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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