Monday, 27 February 2017

Bank Nifty Spot Outlook for 28th February


Bank Nifty spot opened at 20853.45 which was also the high for the day , then went down till 20584.75 before closing at 20613.05 . Had  mentioned that long positions can be taken above 20920 and short positions can be taken below 20833 for the day .  

Bank Nifty triggered our short trade and completed all our targets for the day. Bank Nifty also triggered our weekly short trade and completed 6 targets giving around 200 points . Further shorts will get confirmed on sustaining below 20609 . 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 . Bank Nifty today made a low of 20584.75 after sustaining below 20760 .

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 20672 we can see a initial move till 20735 & on sustaining above 20751 we may see further move till 20864 . Similarly if Bank Nifty spot sustains below 20554 we may see a initial move on the downside till 20491 &  on sustaining below 20476 we may see further move till 20363 .

Bank Nifty Spot Levels for the day are

Long above 20672 for 20709 
– 20751 – 20864 , SL 20595

Short below 20554 for 20517 – 20476 – 20363 , SL 20631

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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.

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