Bank Nifty Spot Outlook for 24th Feb

In the previous session : 

Bank Nifty went up by 247 points then went down by 136 points before finally closing higher by 105 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 had corrected by 2850+ points from that high. Post the correction till 29612.55 we have now seen a bounce of 1500 points .

On 20th Feb :

Bank Nifty initially triggered our long trade and did 160 points . Post that it took our TSL and went on to trigger our short trade and completed 50 points again to bounce back to trigger our long trade. Overall a choppy day with both side moves and stoplosses getting hit. Bank Nifty indicated indecisiveness and we can see this choppiness continue till we get a strong break beyond the range of 30250 - 31650 .

For 24th Feb  :

Sustaining above 31030 enter for 31080 - 31145 - 31305 , SL 30970

Sustaining below 30855 enter for 30805 - 30740 - 30580 , SL 30915

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 monthly shorts and completed our initial targets with a low of 29613. For a further correction Bank Nifty had to give a close below 29700 and holding 29700 on closing basis we were expecting a bounce . Bank held 29700 on closing and we saw a bounce till above 31650 levels giving 1900 points . 

Had mentioned at the beginning of the week that " After such a stupendous move we were expecting to see a few sideways to negative trading days and as long as Bank Nifty is holding above 30345 we can expect the upmove to resume again ." , and we saw Bank Nifty correct from 31650 to 30250 levels but it held 30345 on closing and has again bounced back towards 30950 levels.

Bank Nifty had failed to give a consecutive close above 31320 to continue moving up further towards 31840 - 31970 and had pulled Nifty also down along with it inspite of Nifty having confirmed our monthly long trade.

Now in the coming sessions Bank Nifty has to sustain above 31170 to move towards 31500 levels 

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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.