Saturday, 7 December 2019

Weekly Spot Outlook Of Bank Nifty For 09th to 13th Dec

BANK NIFTY

This past week Bank Nifty spot went up by 181 points then went down by 695 points before finally ending the week with a loss of 605 points compared to last weekly closing.

Bank Nifty had made a new life time high of 32157.05 last week and failed to break above it this week and made a low of 31250.65.  


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 32155 to enter for a test of 32380 - 32435 initially and above it further till 32625 - 32835 and to confirm a short trade Bank Nifty needs to sustain/close below 31735 to test 31515 - 31460 initially and below it further till 31270 - 31060 , and Bank Nifty triggered our short trade and nearly completed all targets giving 500 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.



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 has closed below 31510 and a consecutive close below it will confirm monthly shorts . In the coming session sustaining below 31510 we can see it move towards its initial targets of 31055 - 30935 .


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. 


Bank Nifty Spot Levels for the week are

Long above 31495 , Tgt 31590 - 31665 - 31740

IF Bank Nifty spot manages to get a close / sustain above 31850 then 

long again for 31915 - 32140 - 32385

Short below 31190 , Tgt 31095 - 31020 - 30945

IF Bank Nifty spot manages to get a close / sustain below 30835 then 

short again for 30765 - 30545 - 30300


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P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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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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