Tuesday, 31 January 2017

Bank Nifty Spot Outlook for 01st February


Bank Nifty spot opened at 19533.20 and made a high of 19624.10 , then went down till 19435.45 before closing at 19515.15 . Had  mentioned that long positions can be taken above 19666 and short positions can be taken below 19505 for the day .  

Bank Nifty triggered our intraday short trade and completed just 1 target for the day . Bank Nifty also triggered our weekly short level but closed above our confirmation level by 15 points . 

Now for this week Bank Nifty needs to break and sustain above 19916 then we can expect a move till 20044 - 20135 levels initially and closing above 20190 we can expect the next move till 20379 - 20587 . Similarly Bank Nifty needs to break and sustain below 19500 then we can expect a move till 19373 - 19282 levels initially and closing below 19226 we can expect a further move till 19037 - 18830 . 

For the month of February we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 19958 and downtrend on a consecutive closing below 19072 . In January had given 18506 closing as the long confirmation level for Bank Nifty and we saw a move of 1200+ points after Bank Nifty had closed above the monthly long confirmation level. 

For today if Bank Nifty spot sustains above 19596 we can see a initial move till 19682 & on sustaining above 19703 we may see further move  till 19858 . Similarly if Bank Nifty spot sustains below 19434 we may see a initial move on the downside till 19349 &  on sustaining below 19327 we may see further move till 19172 . We have our Union Budget too today which is a big event and we can expect good volatility and it is advisable to wait for the event to get over to enter trades .

Bank Nifty Spot Levels for the day are

Long above 19596 for 19646 
– 19703 – 19858 , SL 19490

Short below 19434 for 19384 – 19327 – 19172 , SL 19540

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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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