Thursday, 19 December 2019

Bank Nifty Spot Outlook for 20th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 32281.65, made a new life time high of  32328.35,  made a low of 32085.05 before closing at 32241.45


Had mentioned that long trade will get triggered for the day on sustaining above 32350 and short trade will get triggered for the day on sustaining below 32170. Bank Nifty triggered our short trade and completed just 1 target .



For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 32305 and then enter for a initial target of 32615 - 32690 and look to hold further only on sustaining or getting a close above 32690 for the next targets of 32955 - 33250.

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 31720 and then enter for a initial target of 31415 - 31335 and look to hold further only on sustaining or getting a close below 31335 for the next targets of 31070 - 30780.

Bank Nifty is currently trading in a range of 31720 - 32305 and it needs to break strongly and sustain beyond this range on either side for a good move.


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 completed our initial targets giving 500 points . Nifty failed to give a consecutive close below 11895 to confirm its monthly short trade and recovered strongly and Bank also followed with a bounce. 

Now Nifty has confirmed its monthly long trade above 12215 and now Bank Nifty needs to join it for Nifty to move towards its initial targets. Incase Bank Nifty does not participate by closing above its monthly long confirmation of 32380 in the coming session then Nifty will also find it difficult to sustain its upmoves from here.


This week we have a confluence of the weekly and monthly long confirmations at 32305 - 32380 and breaking and sustaining above it will be important for further upmove this week and month.

Bank Nifty has immediate support for this week at 31835 - 31725 and sustaining below it the next support is at 31415 - 31335. 







Now in the coming session Bank Nifty needs to break and sustain above 32310 to test 32385 - 32400 initially and sustaining above it we can see a further upmove till 32465 - 32530. Similarly breaking and sustaining below 32170 we can see a test of 32100 - 32085 initially and sustaining below it we can see a further correction till 32020 - 31950



Bank Nifty Spot Levels for the day are

Long above 32310 for 32355 - 32400 - 32530 , SL 32265

Short below 32175 for 32130 - 32085 - 31950 , SL 32220

Once again the stoploss has today come down to 45 points which if reduces further will indicate a change in trend can occur or we might see days of sideways moves .


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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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