Tuesday, 19 February 2019

Bank Nifty Spot Outlook for 20th Feb

BANK NIFTY


In the previous session Bank Nifty spot opened at 26666.55 and made a high of 26996.45,  it made a low of 26625.60,  before closing at 26684.85

Had mentioned that long trade for the day will get triggered on sustaining above 26695 and short trade for the day will get triggered on sustaining below 26610 .Bank Nifty triggered our long trade and did 300 points . 

Had mentioned " For this week Bank Nifty needs to break and sustain / close above 26910 to test 27035 - 27065 initially and above it we can see a test of 27170- 27285 . Similarly Bank Nifty needs to break and sustain / close below 26680 to test 26555 - 26525 initially and below it we can see a test of 26420 - 26300. " , and Bank Nifty triggered our weekly short trade in the previous session but has failed to sustain below 26680 and closed marginally above it .  

Also as mentioned " 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." , and Bank Nifty has confirmed our monthly short trade and sustaining below 26755 we can see a test of 26185 - 26040 .

Now in the coming session Bank Nifty needs to break and sustain above 26720 to test 26755 - 26765 initially and sustaining above it we can see a further upmove till 26800 - 26835. Similarly breaking and sustaining below 26650 we can see a test of 26610 - 26600 initially and sustaining below it we can see a further correction till 26570 - 26535. The targets range and stoploss has contracted quite a bit and we can see a bounce soon unless there is a strong unexpected negative news flow.

Bank Nifty needs to hold 26755 on closing basis in the coming session for a bounce towards 27035 - 27065  initially. Sustaining below 26755 we can see a move towards 26555 - 26525 initially and below it towards 26185 - 26040 next.


Bank Nifty Spot Levels for the day are

Long above 26720 for 26740 - 26765 - 26835 , SL 26695

Short below 26650 for 26630 - 26600 - 26535 , SL 26675

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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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