Bank Nifty Spot Outlook for 06th Feb

BANK NIFTY

In the previous session Bank Nifty spot opened at 27226.05 and made a low of 27153.20,  it made a high of 27348.25,  before closing at 27271.70

Had mentioned that long trade for the day will get triggered on sustaining above 27290 and short trade for the day will get triggered on sustaining below 27085 .Bank Nifty triggered our long trade and did just 50 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. 

Now Bank Nifty needs to sustain above 27350 in the coming session to move towards 27625 - 27700 and if does not sustain then we can see it correct again to 27025 - 26950.

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 27370 to test 27475 - 27500 initially and sustaining above it we can see a further upmove till 27590 - 27690. Similarly breaking and sustaining below 27170 we can see a test of 27065 - 27045 initially and sustaining below it we can see a further correction till 26950 - 26850 

Bank Nifty Spot Levels for the day are

Long above 27370 for 27430 - 27500 - 27690 , SL 27300

Short below 27170 for 27110 - 27045 - 26850 , SL 27240

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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.