Bank Nifty Spot Outlook for 08th February

BANK NIFTY

Bank Nifty spot opened at 20367.30 and made a high of 20426.95 , then went down till 20281.50 before closing at 20327.25 . Had  mentioned that long positions can be taken above 20451 and short positions can be taken below 20292 for the day .  

Bank Nifty triggered our short trade but could not complete any targets.  Today once again Bank Nifty broke above our weekly long confirmation for the second consecutive day and failed to close above it . Currently Bank Nifty is trading in a range of 19915 - 20475 and 

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 again Bank Nifty tested our resistance zone of 20430 - 20550 but could not break and close above it . Today we have our RBI policy and it could be the trigger for the next move after the consolidation of the past few days. Currently Bank Nifty has been trading in the range of 19915 - 20475 and it needs to break and sustain this range for a bigger move .

For today if Bank Nifty spot sustains above 20410 we can see a initial move till 20498 & on sustaining above 20521 we may see further move till 20680. Similarly if Bank Nifty spot sustains below 20244 we may see a initial move on the downside till 20156 &  on sustaining below 20134 we may see further move till 19975. 

Bank Nifty Spot Levels for the day are

Long above 20410 for 20462 – 20521– 20680 , SL 20302

Short below 20244 for 20193 – 20134 – 19975 , SL 20353

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.