Tuesday, 25 February 2020

Bank Nifty Spot Outlook for 26th Feb

In the previous session : 

Bank Nifty went up by 155 points then went down 125 points before finally closing lower by 22 points on Tuesday 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 25th Feb :

Bank Nifty initially triggered our long trade and took our stoploss . Post that Bank Nifty triggered our short trade and again took our stoploss . Bank Nifty indicated indecisiveness today and we can see it take a decisive direction in the coming session. 

For 26th Feb  :

Sustaining above 30525 enter for 30580 - 30650 - 30825 , SL 30460

Sustaining below 30340 enter for 30285 - 30220 - 30040 , SL 30405

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.

Earlier in the month 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 and Bank held 29700 on closing and we saw a bounce till above 31650 levels giving 1900 points . 

Post the stupendous upmove we saw Bank Nifty correct from 31650 to 30250 levels but it held 30345 on closing and again bounced till 30950 levels. 

Now in the coming session Bank Nifty has to sustain above 30250 to expect a bounce again and breaking and sustaining below 30250 we can see a move towards 29830 -  29700 levels again. 

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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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