BANKNIFTY Monthly Analysis for Dec 2019

Opening : Between H3 and L3

Position : Both CPR and H3/L3 of this month are above previous month, indicating a bullish outlook for the month.

Width : CPR width is almost same as previous month, giving us no clue whether it is going to be trending or range bound this month.

Resistance : H3/R1 form a strong resistance band.

Support : CPR,L3 and Yearly R1 coinciding, forming a strong support band. Also,band is coinciding with 20 EMA line of Bollinger bands.

Note : Added Bollinger bands to know maximum deviation during the month.

My analysis :

As seen in first few days, BANKNIFTY is mostly going to be range bound between H3 and L3.

Since CPR position indicates bullish outlook, I expect BANKNIFTY to touch 32500 (H3) once.

If 31000 is breached downwards and sustained, it'll lead to more bearish movement in the index.

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