Friday, 7 February 2020

Bank Nifty Spot Outlook for 07th Feb

In the previous session : 

Bank Nifty went down by 84 points then went up by 469 points before finally closing higher by 302 points on Thursday compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then been trading sideways to negative and has corrected by 2850+ points from that high. Post the correction we have now seen a bounce of 1450 points .

On 06th Feb :

Bank Nifty triggered our long trade and did 290 points .

For 07th Feb  :

Sustaining above 31480 enter for 31585 - 31710 - 32045 , SL 31360

Sustaining below 31130 enter for 31020 - 30895 - 30565 , SL 31250

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :
  • Bank Nifty longs will get confirmed with a consecutive close above 31320 for a initial target of 31840 - 31970 and sustaining / closing above 31970 we can see a further move till 32415 - 32900 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 30345 for  a initial target of 29830 - 29700 and sustaining / closing below 29700 we can see a further move till 29255 - 28765.

Bank Nifty had triggered our shorts and completed our initial targets with a low of 29753. Now we can see a further correction on sustaining / closing below 29700 towards 29255 -28765. Holding above 29700 we can see a pullback towards 30345 - 30535.

Bank Nifty sustaining above 29700 has moved up to 31400+ levels giving a 1700 points move from our support level. After such a stupendous move we may see a few sideways moving days

Now Bank Nifty has immediate resistance near 31135 - 31320 zone and today it has closed near the outer end of this zone . Consecutive close above 31320 can give a further up move.

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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.

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