Bank Nifty Spot Outlook for 23rd Dec

BANK NIFTY

In the previous session Bank Nifty spot opened at 32266.85, made a low of 32199.45 , made a new life time high of  32443.35 before closing at 32384.95

Had mentioned that long trade will get triggered for the day on sustaining above 32310 and short trade will get triggered for the day on sustaining below 32175. Bank Nifty triggered our long trade and completed 2 targets giving 125 points .

For this week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 32560 and then enter for a initial target of 32745 - 32795 and look to hold further only on sustaining or getting a close above 32795 for the next targets of 32955 - 33130.

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 32210 and then enter for a initial target of 32025 - 31975 and look to hold further only on sustaining or getting a close below 31975 for the next targets of 31815 - 31640.

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 longs and Bank Nifty has to close strongly above 32380 on Monday to confirm its monthly longs too and if Bank Nifty fails to do so then we can see Nifty also face some pressure and witness some profit booking. If Bank Nifty also confirms its monthly longs then we can expect the uptrend to continue till their initial monthly targets .

Bank Nifty has immediate resistance for this week at 32495 - 32560 and sustaining above it the next resistance is at 32745 - 32795.

Bank Nifty has immediate support for this week at 32275 - 32210 and sustaining below it the next support is at 32025 - 31975 

Now in the coming session Bank Nifty needs to break and sustain above 32450 to test 32520 - 32540 initially and sustaining above it we can see a further upmove till 32600 - 32670. Similarly breaking and sustaining below 32320 we can see a test of 32250 - 32230 initially and sustaining below it we can see a further correction till 32170 - 32100

Bank Nifty Spot Levels for the day are

Long above 32450 for 32495 - 32540 - 32670 , SL 32405

Short below 32320 for 32275 - 32230 - 32100 , SL 32365

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.