Wednesday, 22 February 2017

Bank Nifty Spot Outlook for 23rd February

BANK NIFTY


Bank Nifty spot opened at 20937.60 and made a high of 20958.25 , then went down till 20829.65 before closing at 20868.45 . Had  mentioned that long positions can be taken above 20908 and short positions can be taken below 20814 for the day .  

Bank Nifty triggered our long trade and completed nearly 2 targets for the day . Bank Nifty has completed but did not complete any target . Bank Nifty has so far given 320+ points after confirming our weekly longs and only one last target is pending now.

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 . After closing above 20836 in the previous sessions today as expected Bank Nifty tested our next levels of 20947 - 21070 with a high of 20958.25 . 

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 .

Bank Nifty now needs to break and sustain above 20947 - 21070 levels to move up further and test 21170 - 21390 levels next . Incase Bank Nifty is unable to break and sustain this range then we may see a correction from near 20947 - 21070 levels till 20750 - 20675 levels ' . Bank Nifty  has a strong support now near 20427 - 20546 levels incase of a further 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 20911 we can see a initial move till 20956 & on sustaining above 20968 we may see further move till 21050. 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 20911 for 20938 
– 20968 – 21050 , SL 20855

Short below 20826 for 20799 – 20769 – 20688 , SL 20882

We have February series expiry today and the expected expiry range is as follows

Upper End - 21080 

Lower End - 20656
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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.