Saturday, 25 February 2017

Weekly Spot Outlook of Bank Nifty for 27th February to 03rd March

BANK NIFTY

This week Bank Nifty spot went down 79 points and then went down by 461 points over last weeks close and finally ended the week with a gain of 325 points compared to last weekly closing . 


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 20674 to confirm uptrend and Bank Nifty spot needed to break and sustain below 20429 to confirm downtrend for the week. Bank Nifty made a high of 21011.90  and a low of 20472.40


This week Bank Nifty triggered our long trade and missed our last target by 60 points giving us nearly 350 points from the long trade . Had mentioned in the previous weekly post ' Now for this week Bank Nifty needs to break and sustain above 20674 for the upmove to continue till 21070 with resistance near 20805 - 20836 levels ' and we saw Bank Nifty make a high of 21011.90 and nearly achieve our targets.

Bank Nifty took support just near our confirmation levels to short again of 17608 and reversed to now make a high of 21042 in February gaining 3400+ points till now .Now for this week Bank Nifty needs to break and sustain above 20992 for the up move to continue till 21365 with resistance near 21115 - 21145 levels . IF Bank Nifty breaks and sustains below 20761 then we can see a down move till 20388 with support near 20639 - 20609 levels .Those who are holding longs or those who are intending to go long on a correction should keep a strict cbsl of 20427 for their positions.


Had mentioned at the start of the month '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 in January. 


Bank Nifty has given a further up move of 1050+ points after giving a consecutive close above our February monthly long confirmation level of 19958 and is currently near a resistance zone of 21115 - 21145 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 here till 20505 - 20385 levels . The current rally is looking a bit saturated now and if Bank Nifty fails to break and sustain above the resistance zone of 21115 - 21145 then we may see a correction till the lower levels mentioned and once Bank Nifty sustains or closes below the cbsl level of 20427 then we may see a further correction till 20115 - 20030 . 


In the coming week Bank Nifty spot needs to break and sustain above 20992 to confirm uptrend and then one can expect a move till 21115 initially and breaking and sustaining above 21145 will give further confirmation of the next move which can take us till 21365. Similarly Bank Nifty spot needs to break and sustain below 20760 to confirm downtrend and then one can expect a move till 20639 initially and breaking and sustaining below 20609 will give further confirmation of the next move which can take us down till 20385.


Bank Nifty Spot Levels for the week are

Long above 20948 , Tgt 20992 - 21028 - 21063

IF Bank Nifty spot manages to get a close / sustain above 21115 then 

long again for 21145 - 21250 - 21365

Short below 20805 , Tgt 20760 - 20725 - 20690

IF Bank Nifty spot manages to get a close / sustain below 20639 then 

short again for 20609 - 20505 - 20385


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.