Wednesday, 6 December 2017

Bank Nifty Spot Outlook for 07th Dec

BANK NIFTY


Bank Nifty spot opened at 25066.30 ,made a high of 25077.45 ,  it made a low of 24813.60,   before closing at 24851.80.

Had mentioned that long positions can be taken above 25185 for the day and short positions can be taken below 25065.  Bank Nifty triggered our short trade and completed all targets for the day giving 190 points . Had mentioned in the previous post " Those who are holding shorts from the previous week should keep a trailing cbsl of 25350 now and look to exit if we don't get a close below 25000 in the coming sessions . Those who are looking to go long should keep a strict cbsl of 25000 for their positions . " , and today Bank Nifty took the cbsl for longs .  

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25065 can test 25005 - 24985 and on sustaining below it we can see a further correction till 24935 - 24875 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25185 we can see a test of 25245 - 25265 initially and breaking and sustaining above it we can see a further move till 25315 - 25375 next . " , and today Bank Nifty made a low of 24813.60  well below our next support zone and also closed below it . 


Now in the coming session Bank Nifty breaking and sustaining below 24790 can test 24725 - 24705 and on sustaining below it we can see a further correction till 24650 - 24585 next. Similarly in the coming session Bank Nifty breaking and sustaining above 24915 we can see a test of 24980 - 25000 initially and breaking and sustaining above it we can see a further move till 25055 - 25120 next .Those who are holding shorts from the previous week should now move up their trailing cbsl to 25150 from 25350 mentioned earlier as we have got a close below 25000 now .


Bank Nifty Spot Levels for the day are

Long above 24915 for 24955 
– 25000 – 25120 , SL 24830

Short below 24790 for 24750 – 24705 – 24585 , SL 24875

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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.