Wednesday, 25 December 2019

Bank Nifty Spot Outlook for 26th Dec

BANK NIFTY


In the previous session Bank Nifty spot opened at 32337.80, made a high of 32390.35 , made a low of 32246.05 before closing at 32280.75


Had mentioned that long trade will get triggered for the day on sustaining above 32400 and short trade will get triggered for the day on sustaining below 32280. 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 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.

Bank Nifty needs to break its range of 32210 - 32560 this week on good volumes on any side for a bigger 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 Nifty also followed with a bounce. 

Now Nifty had confirmed its monthly longs but Bank Nifty failed to give a consecutive close strongly above 32380 to confirm its monthly longs too due to which we can see Nifty also face some pressure and witness some profit booking. 

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

As mentioned previously " Bank Nifty has immediate support for this week at 32275 - 32210 and sustaining below it the next support is at 32025 - 31975 " , we saw Bank Nifty test its immediate support zone of 32275 - 32210 with a low of 32246.05 and close just above the support zone. In the coming session sustaining below this zone can see a move towards its next support.







Now in the coming session Bank Nifty needs to break and sustain above 32345 to test 32415 - 32430 initially and sustaining above it we can see a further upmove till 32490 - 32550. Similarly breaking and sustaining below 32215 we can see a test of 32150 - 32135 initially and sustaining below it we can see a further correction till 32075 - 32010



Bank Nifty Spot Levels for the day are

Long above 32345 for 32385 - 32430 - 32550 , SL 32300

Short below 32215 for 32175 - 32135 - 32010 , SL 32260

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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