Monday, 20 February 2017

Bank Nifty Spot Outlook for 21st February

BANK NIFTY


Bank Nifty spot opened at 20494.85 and made a low of 20472.40 , then went up till 20702.60 before closing at 20677.10 . Had  mentioned that long positions can be taken above 20598 and short positions can be taken below 20505 for the day .  

Bank Nifty initially triggered our short trade and completed 1 target and then took our TSL . Bank Nifty then triggered our long trade and competed 2 targets for the day. Bank Nifty has closed above our weekly long levels and it needs to hold these levels today to achieve the weekly long targets . 

Now for this week Bank Nifty needs to break and sustain above 20674 then we can expect a move till 20749 - 20805 levels initially and closing above 20836 we can expect the next move till 20947 - 21070 . Similarly Bank Nifty needs to break and sustain below 20429 then we can expect a move till 20353 - 20300 levels initially and closing below 20265 we can expect a further move till 20155 - 20030 . Today Bank Nifty has given a marginal close above 20674 and if these levels are held then would see a test of 20749 - 20805 levels initially . 

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 . This month so far we have got a further move of 1050+ points after Bank Nifty has closed above our long confirmation level .

Had mentioned in the previous post 'Bank Nifty is now near a resistance zone of 20427 - 20546 and has been taking resistance there . Bank Nifty needs to break this zone and sustain above 20585 for a further up move. Incase Bank Nifty is unable to break and sustain this range then we may see a correction from near 20427 - 20546 levels till 19950 - 19790 levels ' Bank Nifty broke well above these levels and made a new 52 week high too and had given a close above the resistance zone of 20427 - 20546 on Friday and today also it has closed well above the these which should act as initial support now . Those who are holding longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 20405 spot for their positions . 

For today if Bank Nifty spot sustains above 20724 we can see a initial move till 20774 & on sustaining above 20787 we may see further move till 20877. Similarly if Bank Nifty spot sustains below 20630 we may see a initial move on the downside till 20580 &  on sustaining below 20567 we may see further move till 20477 . 


Bank Nifty Spot Levels for the day are

Long above 20724 for 20753 
– 20787 – 20877 , SL 20663

Short below 20630 for 20601 – 20567 – 20477 , SL 20692

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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.