Saturday, 21 December 2019

Weekly Spot Outlook Of Bank Nifty for 23rd to 27th Dec

BANK NIFTY

This past week Bank Nifty spot went down by 117 points then went up by 429 points before finally ending the week with a gain of 370 points compared to last weekly closing.

Bank Nifty made a new life time high of 32443.35 and closed at 32384.95 .


Had mentioned in previous weekly post that to confirm a long trade Bank Nifty needs to sustain /close above 32305 to enter for a test of 32615 - 32690 initially and above it further till 32955 - 33250 and to confirm a short trade Bank Nifty needs to sustain/close below 31720 to test 31415 - 31335 initially and below it further till 31070 - 30780 , and Bank Nifty triggered our long trade and completed 2 targets . 


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 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 . 

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. 


Bank Nifty Spot Levels for the week are

Long above 32495 , Tgt 32560 - 32615 - 32670

IF Bank Nifty spot manages to get a close / sustain above 32745 then 

long again for 32795 - 32955 - 33130

Short below 32275 , Tgt 32210 - 32155 - 32100

IF Bank Nifty spot manages to get a close / sustain below 32025 then 

short again for 31975 - 31815 - 31640


We have a Telegram Channel under the name of Simply Trade Stocks where live trading ideas are shared. Those who wish to join can click on this link " https://t.me/simplytradestocks " and open it with telegram .



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 .

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.

No comments:

Post a Comment