Weeklt Spot Outlook Of Bank Nifty For 17th to 21st Feb

In the previous week : 

Bank Nifty went up by 448 points then went down by 426 points before finally ending the week lower by 367 points compared to its last weekly closing. 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then been trading sideways to negative since then 

Bank Nifty for this week :

• Sustaining above 31155 enter for 31255 - 31355 - 31425 

• Further sustaining above 31500 enter for 31585 - 31875 - 32195 

• Sustaining below 30515 enter for 30415 - 30315 - 30245

• Further sustaining below 30175 enter for 30085 - 29795 - 29475

How to use these levels 

• Enter on sustaining above/below the initial levels mentioned and look to book partly/fully once it completes its initial 3 targets . Re-enter if price further sustains or closes above / below the next levels mentioned for the next targets . 

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. Had mentioned that Bank Nifty for a further correction had to sustain / close below 29700 for a further correction towards 29255 -28765. 

Bank Nifty held 29700 on closing basis and we saw a pullback towards 31650+ levels .

Bank Nifty has to give a consecutive close above 31320 for a further upmove .

 

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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.