Bank Nifty Spot Outlook for 09th February

BANK NIFTY

Bank Nifty spot opened at 20335.25 and made a high of 20362.80 , then went down till 20070.15 before closing at 20245.40 . Had  mentioned that long positions can be taken above 20410 and short positions can be taken below 20244 for the day .  

Bank Nifty triggered our short trade and completed 2 targets for the day .  Bank Nifty has been breaking above our weekly long levels for the past 3 sessions but has been unable to sustain or close above our long confirmation level . 

Now for this week Bank Nifty needs to break and sustain above 20410 then we can expect a move till 20542 - 20635 levels initially and closing above 20692 we can expect the next move till 20886 - 21100 . Similarly Bank Nifty needs to break and sustain below 19984 then we can expect a move till 19852 - 19758 levels initially and closing below 19701 we can expect a further move till 19507 - 19295 . 

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 mentioned 18506 closing as the long confirmation level for Bank Nifty and we saw a move of 1700+ points after Bank Nifty gave a consecutive close above the monthly long confirmation level .

Though Bank Nifty has given a consecutive close above 19958 , it is currently near a resistance zone of 20430 - 20550 and it needs to break and sustain above this zone to move up further . IF Bank Nifty is unable to break and sustain this range then we may see a correction from these levels till 19500 - 19300 levels . Those who are holding positional longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 19825 spot for their positions . Bank Nifty has tested our resistance zone of 20430 - 20550 but could not break and close above it . Currently Bank Nifty has been trading in the range of 19915 - 20475 and it needs to break and sustain this range for a bigger move .

For today if Bank Nifty spot sustains above 20319 we can see a initial move till 20398 & on sustaining above 20417 we may see further move till 20559. Similarly if Bank Nifty spot sustains below 20171 we may see a initial move on the downside till 20093 &  on sustaining below 20074 we may see further move till 19932. 

Bank Nifty Spot Levels for the day are

Long above 20319 for 20365 – 20417– 20559 , SL 20223

Short below 20171 for 20126 – 20073 – 19932 , SL 20268

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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.