Bank Nifty Spot Outlook for 13th Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 31356.80, made a low of 31352.10,  made a high of 31711.45 before closing at 31665.45

Had mentioned that long trade will get triggered for the day on sustaining above 31335 and short trade will get triggered for the day on sustaining below 31175. Bank Nifty initially triggered our long trade and completed all targets and did 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.

Bank Nifty today triggered our weekly long trade and sustaining above 31590 we can see a test of 31850 - 31915 

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 nearly completed our initial targets giving 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. Today it has again closed above 31590 and now needs to sustain above it for a move towards the next resistance.

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 31765 to test 31870 - 31895 initially and sustaining above it we can see a further upmove till 31990 - 32085. Similarly breaking and sustaining below 31565 we can see a test of 31460 - 31435 initially and sustaining below it we can see a further correction till 31345 - 31245

Bank Nifty Spot Levels for the day are

Long above 31765 for 31825 - 31895 - 32085 , SL 31695

Short below 31565 for 31505 - 31435 - 31245 , SL 31635

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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