Bank Nifty Spot Outlook for 11th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 31386.40, made a high of 31412.80,  made a low of 31126.00 before closing at 31160.35

Had mentioned that long trade will get triggered for the day on sustaining above 31405 and short trade will get triggered for the day on sustaining below 31225. Bank Nifty initially triggered our long trade and took our stoploss. Bank Nifty then reversed to trigger our short trade and nearly completed 2 targets giving 100 points . Bank Nifty has been indicating indecisiveness in the past few sessions by triggering both sides of trades.

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.

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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.

As mentioned " Bank Nifty has resistance at 31495 - 31590 this week and support at 31190 - 31095", and today we saw Bank Nifty test its support zone. Breaking and sustaining below it in the coming session should be watched for taking fresh shorts.

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 had confirmed our monthly short trade below 31510 and today made a low of 31126 moving  towards our initial targets of 31055 - 30935 where shorts can be booked once and reentered on a close below 30935 . Nifty has today triggered its monthly short trade and needs to confirm it with a consecutive close below 11895 tomorrow. 

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 31245 to test 31340 - 31360 initially and sustaining above it we can see a further upmove till 31440 - 31525. Similarly breaking and sustaining below 31075 we can see a test of 30985 - 30960 initially and sustaining below it we can see a further correction till 30880 - 30795

Bank Nifty Spot Levels for the day are

Long above 31245 for 31300 - 31360 - 31525 , SL 31185

Short below 31075 for 31020 - 30960 - 30795 , SL 31135

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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