Thursday, 29 December 2016

Bank Nifty Spot Outlook for 30th December

BANK NIFTY


Bank Nifty spot opened at 17861.45 and made a low of 17829.40, then went up till 18053.30 before closing at 18033.15 . Had  mentioned that long positions can be taken above 17926 and short positions can be taken below 17827 for the day . Bank Nifty triggered our long and completed 2 targets .  Now Bank Nifty has initial resistance at 18075 and IF it closes / sustains above 18075 then we may see a test of the next resistance of 18285  and today again we saw Bank Nifty get close to 18075 but was unable to break above it but has managed to close today just above 18025. Above 18285 Bank Nifty has its next resistance at 18505 - 18805 levels where it has been taking resistance the entire month of December . On closing above these levels we can expect a bounce till 19020 - 19210 levels  . Till Bank Nifty does not give a consecutive close above 19181 this month we can expect the upmoves to be sold into .  As mentioned ' For this week if Bank Nifty confirms our weekly longs by sustaining / closing above 17976 we can expect Bank Nifty to face resistance near 18032 - 18072 initially . Now Closing above 18097 we can expect a move till  18180 - 18272 . Similarly if Bank Nifty confirms our weekly shorts by sustaining / closing below 17792 we can expect Bank Nifty to get some support near 17736 - 17696 initially .Closing below 17671 we can expect a move till 17588 - 17496 .Today again we saw Bank Nifty test our next resistance zone as per weekly long levels of 18032 - 18072 and take resistance but it managed to close just above 18025  . 

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 18089 we can see a initial move upto 18149 & on sustaining above 18164 we may see further upmove  till 18271. Similarly if Bank Nifty spot sustains below 17977 we may see a initial move on the downside upto 17918 &  on sustaining below 17903 we may see further downmove till 17795

Bank Nifty Spot Levels for the day are

Long above 18089 for 18124 
– 18164 – 18271 , SL 18016

Short below 17977 for 17942 – 17903 – 17795 , SL 18050

This is the last post for the calendar year 2016 and I would like to thank all those who have been reading my posts regularly thereby providing me with the motivation to keep writing.

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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.