Bank Nifty Spot Outlook for 09th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 31797.15, made a high of 31883.70,  made a low of 31250.65 before closing at 31341.55

Had mentioned that long trade will get triggered for the day on sustaining above 31810 and short trade will get triggered for the day on sustaining below 31615. Bank Nifty initially triggered our long trade and completed just 1 target and took out TSL. Bank Nifty then reversed to trigger our short trade and completed all targets giving 350+ points . 

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 31590 and then enter for a initial target of 31850 - 31915 and look to hold further only on sustaining or getting a close above 31915 for the next targets of 32140 - 32385.

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 31095 and then enter for a initial target of 30835 - 30765 and look to hold further only on sustaining or getting a close below 30765 for the next targets of 30545 - 30300.

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 closed below 31510 and a consecutive close below it will confirm monthly shorts . In the coming session sustaining below 31510 we can see it move towards its initial targets of 31055 - 30935 .

Bank Nifty has immediate resistance near 31495 - 31590 and above it strong resistance at 32215 - 32380 levels.

Bank Nifty has immediate support at 31190 - 31095 and sustaining below it the next support is at 30835 - 30770. 

As mentioned in the previous post "Bank Nifty had tested our immediate support of 31680 - 31510 and has closed within in it and then again attempted 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." , and Bank Nifty has now given a close below 31510 and staying below it in the coming session will put pressure on Bank Nifty.

Now in the coming session Bank Nifty needs to break and sustain above 31435 to test 31535 - 31560 initially and sustaining above it we can see a further upmove till 31645 - 31735. Similarly breaking and sustaining below 31250 we can see a test of 31150 - 31125 initially and sustaining below it we can see a further correction till 31040 - 30945

Bank Nifty Spot Levels for the day are

Long above 31435 for 31495 - 31560 - 31735 , SL 31370

Short below 31250 for 31190 - 31125 - 30945 , SL 31315

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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