Bank Nifty Spot Outlook for 17th February

BANK NIFTY

Bank Nifty spot opened at 20243.25 and made a high of 20295.55 , then went down till 20088.20 before closing at 20243.70 . Had  mentioned that long positions can be taken above 20199 and short positions can be taken below 20128 for the day .  

Bank Nifty triggered our long trade and completed 2 targets . Bank Nifty then triggered our short trade and completed nearly 2 targets for the day . Had mentioned in the previous post 'Today Nifty has confirmed our weekly shorts on closing and we need to see if Bank Nifty also does the same or it holds its levels and pulls back Nifty too' and today we saw Bank Nifty holding its levels and pulling Nifty also up . 

Now for this week Bank Nifty needs to break and sustain above 20398 then we can expect a move till 20511 - 20592 levels initially and closing above 20641 we can expect the next move till 20808 - 20992 . Similarly Bank Nifty needs to break and sustain below 20030 then we can expect a move till 19917 - 19835 levels initially and closing below 19786 we can expect a further move till 19619 - 19435 . 

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 . This month so far we have got a further move of 500 points after Bank Nifty has closed above our long confirmation level .

Bank Nifty is now near a resistance zone of 20427 - 20546 and has been taking resistance there . Bank Nifty needs to break this zone and sustain above 20585 for a further up move. Incase Bank Nifty is unable to break and sustain this range then we may see a correction from near 20427 - 20546 levels till 19950 - 19790 levels . Those who are holding longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 19825 spot for their positions . 

For today if Bank Nifty spot sustains above 20277 we can see a initial move till 20312 & on sustaining above 20321 we may see further move till 20385. Similarly if Bank Nifty spot sustains below 20210 we may see a initial move on the downside till 20175 &  on sustaining below 20166 we may see further move till 20103 . The consolidation of the past few days have narrowed the range of the targets hence once the daily targets are achieved on any side today then one needs to follow up with the weekly levels . 

Bank Nifty Spot Levels for the day are

Long above 20277 for 20298 – 20321 – 20385 , SL 20233

Short below 20210 for 20190 – 20166 – 20103 , SL 20254

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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.