Weekly Spot Outlook Of Bank Nifty For 16th to 20th Dec

BANK NIFTY

This past week Bank Nifty spot went down by 345 points then went up by 764 points before finally ending the week with a gain of 673 points compared to last weekly closing.

Bank Nifty took support near 31000 and has bounced back smartly by 1000+ points and we can see it move towards a new life time high again. 

Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 31590 to enter for a test of 31850 - 31915 initially and above it further till 32140 - 32385 and to confirm a short trade Bank Nifty needs to sustain/close below 31095 to test 30835 - 30765 initially and below it further till 30545 - 30300 , and Bank Nifty initially triggered our short trade but took our TSL and bounced back to trigger our weekly long trade and completed our initial targets and nearly test our next long targets giving 500 points. 

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.

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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.

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 shorts and completed our initial targets and bounced back strongly . Had cautioned that Nifty has not confirmed its monthly shorts and hence Bank Nifty shorts were to be booked near our initial targets . 

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. 

Bank Nifty Spot Levels for the week are

Long above 32195 , Tgt 32305 - 32395 - 32485

IF Bank Nifty spot manages to get a close / sustain above 32615 then 

long again for 32690 - 32955 - 33250

Short below 31835 , Tgt 31720 - 31635 - 31545

IF Bank Nifty spot manages to get a close / sustain below 31415 then 

short again for 31335 - 31075 - 30780

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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.