Monday, 9 December 2019

Bank Nifty Spot Outlook for 10th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 31321.40, made a low of 31122.05,  made a high of 31537.65 before closing at 31316.50


Had mentioned that long trade will get triggered for the day on sustaining above 31435 and short trade will get triggered for the day on sustaining below 31250. Bank Nifty initially triggered our short trade and completed 2 targets giving 125 points and took out TSL. Bank Nifty then reversed to trigger our long trade and nearly completed 2 targets again giving 100 points . Bank Nifty has been indicating indecisiveness in the past few sessions.


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.


Bank Nifty has resistance at 31495 - 31590 this week and support at 31190 - 31095.


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 today given a consecutive close below 31510 confirming our monthly shorts and we can see a move towards our initial targets of 31055 - 30935 where shorts should be booked once as Nifty is yet to trigger its short trade. 


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. 







Now in the coming session Bank Nifty needs to break and sustain above 31405 to test 31500 - 31525 initially and sustaining above it we can see a further upmove till 31610 - 31700. Similarly breaking and sustaining below 31225 we can see a test of 31130 - 31105 initially and sustaining below it we can see a further correction till 31025 - 30935



Bank Nifty Spot Levels for the day are

Long above 31405 for 31465 - 31525 - 31700 , SL 31345

Short below 31225 for 31170 - 31105 - 30935 , SL 31290


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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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.

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