Weekly Bank Nifty Spot Outlook for 13th to 17th February

BANK NIFTY

This week Bank Nifty spot went up 266 points and then went down by 196 points over last weeks close and finally ended the week with a gain of 17 points compared to last weekly closing . 

As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 20410 to confirm uptrend and Bank Nifty spot needed to break and sustain below 19984 to confirm downtrend for the week. Bank Nifty made a high of 20462.45  and a low of 20000.35 

This week Bank Nifty triggered our long trade but could not close above our weekly long confirmation level of 20410 inspite of breaking above it on 2 consecutive days which gave a decline of nearly 400 points . Bank Nifty did not test our weekly short levels but also failed to close above our long levels indicating indecisiveness . 

Bank Nifty took support just near our confirmation levels to short again of 17608 and reversed to now make a high of 20462 gaining 2800+ points .Now for this week Bank Nifty needs to break and sustain above 20398 for the up move to continue till 20992 with resistance near 20592 - 20641 levels . IF Bank Nifty sustains below 20030 then we can see a down move till 19435 with support near 19835 - 19785 levels . Those who are holding longs or those who are intending to go long on a correction should keep a strict cbsl of 19825 for their positions.

For the month of February we can expect uptrend in Bank Nifty spot on a consecutive close above 19958 and we can expect downtrend in Bank Nifty spot on a consecutive close below 19072 . Had mentioned in January that we can expect uptrend in Bank Nifty spot on a consecutive close above 18506 and we got a move of nearly 1700+ points from there . 

Bank Nifty has given a further up move of 500 points after giving a consecutive close above our monthly long confirmation level of 19958 and is currently near a resistance zone of 20427 - 20546 and it needs to break and sustain above this zone to move up further. Incase Bank Nifty is unable to break and sustain above this range then we may see a correction from 20427 - 20546 levels till 19950 - 19790 levels . 

In the coming week Bank Nifty spot needs to break and sustain above 20398 to confirm uptrend and then one can expect a move till 20592 initially and breaking and sustaining above 20641 will give further confirmation of the next move which can take us till 20992. Similarly Bank Nifty spot needs to break and sustain below 20030 to confirm downtrend and then one can expect a move till 19835 initially and breaking and sustaining below 19786 will give further confirmation of the next move which can take us down till 19435.

Bank Nifty Spot Levels for the week are

Long above 20327 , Tgt 20398 - 20455 - 20511

IF Bank Nifty spot manages to get a close / sustain above 20592 then 

long again for 20641 - 20808 - 20992

Short below 20100 , Tgt 20030 - 19973 - 19917

IF Bank Nifty spot manages to get a close / sustain below 19835 then 

short again for 19786 - 19619 - 19435

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.