Bank Nifty Spot Outlook for 27th February

BANK NIFTY

Bank Nifty spot opened at 20877.65 and made a high of 21011.90 , then went down till 20828.40 before closing at 20876.65 . Had  mentioned that long positions can be taken above 20911 and short positions can be taken below 20826 for the day .  

Bank Nifty triggered our long trade and missed our last target by 38 points . Bank Nifty missed our weekly last long target too by 28 points . Now Bank Nifty needs to give a close above 21115 this week to move up further.

Now for this week Bank Nifty needs to break and sustain above 20992 then we can expect a move till 21065 - 21115 levels initially and closing above 21145 we can expect the next move till 21250 - 21365 . Similarly Bank Nifty needs to break and sustain below 20760 then we can expect a move till 20690 - 20639 levels initially and closing below 20609 we can expect a further move till 20505 - 20385 . 

Have been mentioning since the beginning of the month ' 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 .

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 20427 spot for their positions . Those who are holding shorts or those who are looking to enter fresh shorts on further upmove should keep a strict cbsl of 21115 spot for their positions .

For today if Bank Nifty spot sustains above 20920 we can see a initial move till 20965 & on sustaining above 20978 we may see further move till 21065 . Similarly if Bank Nifty spot sustains below 20833 we may see a initial move on the downside till 20787 &  on sustaining below 20775 we may see further move till 20690 .

Bank Nifty Spot Levels for the day are

Long above 20920 for 20947 – 20978 – 21065 , SL 20863

Short below 20833 for 20805 – 20775 – 20690 , SL 20890

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.