Wednesday, 11 December 2019

Bank Nifty Spot Outlook for 12th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 31151.65, made a high of 31337.85,  made a low of 30996.40 before closing at 31256.75


Had mentioned that long trade will get triggered for the day on sustaining above 31245 and short trade will get triggered for the day on sustaining below 31075. Bank Nifty initially triggered our long trade doing 75 points and then took our TSL . Bank Nifty then reversed to trigger our short trade doing 75 points and again took our TSL . And towards the end again reversed to trigger our long trade and did 50 points. So a ping pong day with lot of indecisiveness 



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 broke it support zone of 31190 - 31095 and did 100 points before recovering towards the end of day to close above 31250.

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 30996.40 nearly completing our initial targets of 31055 - 30935 where shorts were to be booked once as mentioned in yesterdays post. The short trade gave 500 points . Nifty today failed to give a consecutive close below 11895 to confirm its monthly short trade but we can still expect it to give a short signal as long as its closing below 12010 . 


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 31335 to test 31420 - 31440 initially and sustaining above it we can see a further upmove till 31515 - 31590. Similarly breaking and sustaining below 31175 we can see a test of 31095 - 31070 initially and sustaining below it we can see a further correction till 31000 - 30920



Bank Nifty Spot Levels for the day are

Long above 31335 for 31385 - 31440 - 31590 , SL 31280

Short below 31175 for 31130 - 31070 - 30920 , SL 31235


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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