Bank Nifty Spot Outlook for 02nd February

BANK NIFTY

Bank Nifty spot opened at 19522.40 and made a low of 19470.95 , then went up till 20047.85 before closing at 20020.60 . Had  mentioned that long positions can be taken above 19596 and short positions can be taken below 19434 for the day .  

Bank Nifty triggered our intraday long trade and completed all long targets for the day . Bank Nifty also triggered our weekly long and nearly completed our initial 3 weekly long targets missing the last one by 24 points . 

Had mentioned that ' 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. Today Bank Nifty also closed above our monthly long confirmation level and we need a consecutive close above it now. 

For today if Bank Nifty spot sustains above 20121 we can see a initial move till 20226 & on sustaining above 20253 we may see further move  till 20444. Similarly if Bank Nifty spot sustains below 19921 we may see a initial move on the downside till 19815 &  on sustaining below 19788 we may see further move till 19597 . 

Bank Nifty Spot Levels for the day are

Long above 20121 for 20182 – 20253 – 20444 , SL 19990

Short below 19921 for 19859 – 19788 – 19597 , SL 20051

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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.