Thursday, 22 December 2016

Bank Nifty Spot Outlook for 23rd December

BANK NIFTY


Bank Nifty spot opened at 18027 and made a high of 18029.60,  then went down till 17839.75 before closing at 17891.45 . Had mentioned that long positions can be taken above 18136 and short positions can be taken below 18033 for the day. Bank Nifty triggered our short trade and completed all our targets for the day . Had been mentioning since sometime 'Further downmove can be expected on a consecutive close below 18075 spot ' Bank Nifty has again given a close below 18075 today and if unable to break above it tomorrow we can see further correction .  If it is unable to give a consecutive close below 18075 then we may again see a test of the initial resistance of 18285  . IF Bank Nifty breaks and sustains above 18505 - 18805 levels on closing then we can expect a bounce till 19020 - 19210 levels initially . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into . Bank Nifty has been taking resistance in the range of 18505 - 18805 levels and reversing and it needs to break and close above this level for further upmove. Till Bank Nifty does not give a consecutive close below 18075 we can expect the downmoves to get bought into . For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 18490 we can expect Bank Nifty to face resistance near 18595 - 18670 initially . Closing above 18720 we can expect a move till  18875 - 19050 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 18140 we can expect Bank Nifty to get some support near 18030 - 17955 initially . Closing below 17910 we can expect a move till 17750 - 17580 . We have seen Bank Nifty make a low of 17839 and we are now approaching our last targets and also a support zone of 17750 - 17580 which if held then we can see a retest of 18075 - 18285 initially and above it till 18505 - 18805 . 

For the month of December we can expect uptrend in Bank Nifty spot on a consecutive closing above 19181 and downtrend to continue on a consecutive closing below 18075 . 

For today if Bank Nifty spot sustains above 17935 we can see a initial move upto 17985 & on sustaining above 17995 we may see further upmove  till 18075. Similarly if Bank Nifty spot sustains below 17848 we may see a initial move on the downside upto 17801 &  on sustaining below 17790 we may see further downmove till 17705

Bank Nifty Spot Levels for the day are

Long above 17935 for 17962 
– 17995 – 18075 , SL 17878

Short below 17848 for 17820 – 17790 – 17705 , SL 17905

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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.