Bank Nifty Spot Outlook for 22nd February

BANK NIFTY

Bank Nifty spot opened at 20695.90 and made a low of 20619..25 , then went up till 20903.35 before closing at 20860.95 . Had  mentioned that long positions can be taken above 20724 and short positions can be taken below 20630 for the day .  

Bank Nifty initially triggered our short trade but did not complete any target . Bank Nifty had confirmed our weekly long trade in the previous session and today the long trigger and reversed . Bank Nifty then triggered our long trade for the day and completed all daily targets . Bank Nifty also completed 4 long targets for the week . 

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 closed above 20836 after breaking above the resistance zone of 20749 - 20805 and holding these levels we can see a further test of 20947 - 21070 now . 

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 now these levels should act as initial support incase of a correction . 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 20908 we can see a initial move till 20958 & on sustaining above 20971 we may see further move till 21061. Similarly if Bank Nifty spot sustains below 20814 we may see a initial move on the downside till 20764 &  on sustaining below 20751 we may see further move till 20661 .

Bank Nifty Spot Levels for the day are

Long above 20908 for 20937 – 20971 – 21061 , SL 20846

Short below 20814 for 20785 – 20751 – 20661 , SL 20876

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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.