Bank Nifty Spot Outlook for 06th February

BANK NIFTY

Bank Nifty spot opened at 20061.90 and made a low of 20009.95 , then went up till 20229.65 before closing at 20196.80 . Had  mentioned that long positions can be taken above 20169 and short positions can be taken below 19972 for the day .  

Bank Nifty triggered our intraday long trade and missed completing the 1st target by 0.45 points . Bank Nifty completed 4 targets as per the weekly long trade triggered and confirmation for further move was expected on a close above 20190 . 

Now for this week Bank Nifty needs to break and sustain above 20410 then we can expect a move till 20542 - 20635 levels initially and closing above 20692 we can expect the next move till 20886 - 21100 . Similarly Bank Nifty needs to break and sustain below 19984 then we can expect a move till 19852 - 19758 levels initially and closing below 19701 we can expect a further move till 19507 - 19295 . 

For the month of February we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 19958 and downtrend on a consecutive closing below 19072 . In January had mentioned 18506 closing as the long confirmation level for Bank Nifty and we saw a move of 1700+ points after Bank Nifty gave a consecutive close above the monthly long confirmation level .

Though Bank Nifty has given a consecutive close above 19958 , it is currently near a resistance zone of 20430 - 20550 and it needs to break and sustain above this zone to move up further . IF Bank Nifty is unable to break and sustain this range then we may see a correction from these levels till 19500 - 19300 levels . Those who are holding positional longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 19550 spot for their positions .

For today if Bank Nifty spot sustains above 20277 we can see a initial move till 20363 & on sustaining above 20384 we may see further move  till 20538. Similarly if Bank Nifty spot sustains below 20116 we may see a initial move on the downside till 20031 &  on sustaining below 20010 we may see further move till 19856 . 

Bank Nifty Spot Levels for the day are

Long above 20277 for 20327 – 20384 – 20538 , SL 20172

Short below 20116 for 20067 – 20010 – 19856 , SL 20222

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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.