Thursday, 27 February 2020

Bank Nifty Spot Outlook for 28th Feb

In the previous session : 

Bank Nifty went down by 519 points before finally closing lower by 246 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 27th Feb :

Bank Nifty triggered our short trade and did 300 points. 

For 28th Feb  :

Sustaining above 30275 enter for 30325 - 30385 - 30545 , SL 30215

Sustaining below 30100 enter for 30050 - 29990 - 29830 , SL 30160

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. 

Bank Nifty 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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