Thursday, 28 December 2017

Bank Nifty Spot Outlook for 29th Dec

BANK NIFTY


Bank Nifty spot opened at 25463.60 ,made a high of 25561.95 ,  it made a low of 25417.40,   before closing at 25490  .

Had mentioned that long positions can be taken above 25550 for the day and short positions can be taken below 25445 .  Bank Nifty initially triggered our long trade but could not sustain and took our stoploss for the day .  Bank Nifty then triggered our short trade and again did not complete any targets . Bank Nifty traded in a very narrow range for the expiry and we should see a bigger move in the next few sessions . Bank Nifty has been unable to give a consecutive close above 25655 this month or sustain above 25755 for a stronger upmove . This week Bank Nifty needed to break and sustain above its immediate resistance levels of 25820 for a test of 25930 - 26085 initially .  Had also mentioned in the previous session " Those who are intending to go short in the coming sessions should keep a strict cbsl of 25825 " , and those who had entered shorts should now move their trailing cbsl to 25595 and follow weekly levels once it sustains / closes below 25475 . Bank Nifty today triggered our weekly shorts but it needs to sustain / close below 25475 tomorrow for a move towards 25295 - 25250 initially and being unable to do so we can see an attempt to retest 25655 - 25755 . 


Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining below 25445 can test 25390 - 25375 and on sustaining below it we can see a further correction till 25325 - 25275 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25550 we can see a test of 25605 - 25620 initially and breaking and sustaining above it we can see a further move till 25665 - 25720 next . " , and Bank Nifty today broke 25445 & 25550 but could not sustain on either side indicating indecisiveness and traded a narrow range . 


Now in the coming session Bank Nifty breaking and sustaining below 25440 can test 25385 - 25370 and on sustaining below it we can see a further correction till 25325 - 25275 next. Similarly in the coming session Bank Nifty breaking and sustaining above 25545 we can see a test of 25595 - 25610 initially and breaking and sustaining above it we can see a further move till 25665 - 25705 next . 


Bank Nifty Spot Levels for the day are

Long above 25545 for 25570 
– 25610 – 25705 , SL 25475

Short below 25435 for 25410 – 25370 – 25275 , SL 25505

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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.