Thursday, 2 February 2017

Bank Nifty Spot Outlook for 03rd February

BANK NIFTY


Bank Nifty spot opened at 20053.95 and made a low of 19915.20 , then went up till 20146.90 before closing at 20070.30 . Had  mentioned that long positions can be taken above 20121 and short positions can be taken below 19921 for the day .  

Bank Nifty triggered our intraday short trade but did not sustain and took support at our weekly long confirmation level and went up to trigger our long trade for the day but did not complete any target . Bank Nifty had triggered our weekly long trade in the previous session and today completed our initial 3rd long target . 


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 . Today Bank Nifty completed our initial target till 20135 and now further up move can be seen on breaking and sustaining above 20190 .

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 though we have got a consecutive close above our monthly long confirmation level we now need to see if Bank Nifty sustains above 20190 to test the next resistance zone near 20427 - 20546 . We may see some correction if Bank Nifty is unable to break above 20190 or from near 20427 - 20546 levels .

For today if Bank Nifty spot sustains above 20169 we can see a initial move till 20273 & on sustaining above 20300 we may see further move  till 20488. Similarly if Bank Nifty spot sustains below 19972 we may see a initial move on the downside till 19867 &  on sustaining below 19841 we may see further move till 19652 . 

Bank Nifty Spot Levels for the day are

Long above 20169 for 20230 
– 20300 – 20488 , SL 20040

Short below 19972 for 19911 – 19841 – 19652 , SL 20101

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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.