Bank Nifty Spot Outlook for 04th Feb

BANK NIFTY

In the previous session Bank Nifty spot opened at 27334.55 and made a low of 26930.45,  it made a high of 27533.05,  before closing at 27085.95.

Had mentioned that long trade for the day will get triggered on sustaining above 27395 and short trade for the day will get triggered on sustaining below 27195 .Bank Nifty initially triggered our long trade and did 125 points . It then reversed and triggered our short trade and again did 125+ points .

For this week Bank Nifty needs to break and sustain / close above 27350 to test 27625 - 27700 initially and above it we can see a test of 27935 - 28200 . Similarly Bank Nifty needs to break and sustain / close below 26820 to test 26545 - 26475 initially and below it we can see a test of 26235 - 25975. 

For the month of February , longs will get confirmed with a consecutive close above 27835 for a initial target of 28410 - 28550 and sustaining / closing above it we can see a further test of 29045 - 29585 . Similarly , shorts will get confirmed with a consecutive close below  26755 for a initial target of 26185 - 26040 and sustaining / closing below it we can see a further move till 25550 - 25010.

Now in the coming session Bank Nifty needs to break and sustain above 27185 to test 27290 - 27320 initially and sustaining above it we can see a further upmove till 27410 - 27510. Similarly breaking and sustaining below 26985 we can see a test of 26880 - 26855 initially and sustaining below it we can see a further correction till 26765 - 26665. 

Bank Nifty Spot Levels for the day are

Long above 27185 for 27245 - 27320 - 27510 , SL 27115

Short below 26985 for 26925 - 26855 - 26665 , SL 27055

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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.