Bank Nifty Spot Outlook for 07th February

BANK NIFTY

Bank Nifty spot opened at 20307.15 and made a low of 20298.05 , then went up till 20462.45 before closing at 20371.60 . Had  mentioned that long positions can be taken above 20277 and short positions can be taken below 20116 for the day .  

Bank Nifty triggered our intraday long trade and completed 2 targets . Bank Nifty had also broken above our weekly long confirmation levels but could not give a close above it. Bank Nifty has closed above our weekly long trigger level but it would need to sustain / close above our weekly long confirmation level for a long trade to be taken .

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 19800 spot for their positions . Today Bank Nifty tested our resistance zone of 20430 - 20550 but could not break and close above it .

For today if Bank Nifty spot sustains above 20451 we can see a initial move till 20535 & on sustaining above 20556 we may see further move  till 20705. Similarly if Bank Nifty spot sustains below 20292 we may see a initial move on the downside till 20210 &  on sustaining below 20185 we may see further move till 20035. 

Bank Nifty Spot Levels for the day are

Long above 20451 for 20500 – 20556 – 20705 , SL 20347

Short below 20292 for 20244 – 20185 – 20035 , SL 20396

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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.