Friday, 8 February 2019

Bank Nifty Spot Outlook for 08th Feb

BANK NIFTY


In the previous session Bank Nifty spot opened at 27424.10 and made a high of 27589.85,  it made a low of 27322.95,  before closing at 27387.15

Had mentioned that long trade for the day will get triggered on sustaining above 27505 and short trade for the day will get triggered on sustaining below 27300 .Bank Nifty triggered our long trade and did just 85 points . 

Had mentioned " 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. " , and Bank Nifty triggered our week long trade and made a high of 27589 so far.

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 27250 - 27170.

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 27485 to test 27590 - 27615 initially and sustaining above it we can see a further upmove till 27705 - 27805. Similarly breaking and sustaining below 27290 we can see a test of 27185 - 27160 initially and sustaining below it we can see a further correction till 27070 - 26970 


Bank Nifty Spot Levels for the day are

Long above 27485 for 27545 - 27615 - 27805 , SL 27415

Short below 27290 for 27230 - 27160 - 26970 , SL 27360

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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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