Bank Nifty Spot Outlook for 01st Feb

BANK NIFTY

In the previous session Bank Nifty spot opened at 26969.15 and made a low of 26891.05,  it made a high of 27325.05,  before closing at 27295.45.

Had mentioned that long trade for the day will get triggered on sustaining above 26900 and short trade for the day will get triggered on sustaining below 26755 .Bank Nifty triggered our long trade and did 475 points as it sustained above 27080 above which we were expecting a further upmove for the expiry.

Had mentioned " For this week Bank Nifty needs to break and sustain / close above 27230 to test 27355 - 27385 initially and above it we can see a test of 27490 - 27605 . Similarly Bank Nifty needs to break and sustain / close below 27000 to test 26875 - 26845 initially and below it we can see a test of 26740 - 26625. " , and Bank Nifty had triggered our weekly short trade and had completed all our weekly short targets and even bettered it by another 180 points. Today Bank Nifty triggered our weekly long trade and nearly completed our initial target of 27355 - 27385 with a high of 27325.

For the month of February , longs will get confirmed with a consecutive close above 27835 for a initial target of 28410 - 28550 and sustaining / closing above it we can see a further test of 29045 - 29585 . Similarly , shorts will get confirmed with a consecutive close below  26755 for a initial target of 26185 - 26040 and sustaining / closing below it we can see a further move till 25550 - 25010.

Now in the coming session Bank Nifty needs to break and sustain above 27395 to test 27500 - 27525 initially and sustaining above it we can see a further upmove till 27615 - 27715. Similarly breaking and sustaining below 27195 we can see a test of 27095 - 27065 initially and sustaining below it we can see a further correction till 26975 - 26875. We have our interim budget and hence we can expect a volatile session and may see the trading range getting extended beyond 26875 - 27715 .

Bank Nifty Spot Levels for the day are

Long above 27395 for 27455 - 27525 - 27715 , SL 27325

Short below 27195 for 27135 - 27065 - 26875 , SL 27265

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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.