Thursday, 21 February 2019

Bank Nifty Spot Outlook for 22nd Feb

BANK NIFTY


In the previous session Bank Nifty spot opened at 26994.75 and made a low of 26973,  it made a high of 27100.90,  before closing at 27052.40

Had mentioned that long trade for the day will get triggered on sustaining above 27010 and short trade for the day will get triggered on sustaining below 26900 .Bank Nifty triggered our long trade and did 90 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 had triggered our weekly short trade in the previous session but had failed to sustain below 26680 and closed marginally above it and bounced back today to trigger our weekly longs.  

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 27110 to test 27170 - 27185 initially and sustaining above it we can see a further upmove till 27240 - 27295. Similarly breaking and sustaining below 26995 we can see a test of 26935 - 26920 initially and sustaining below it we can see a further correction till 26865 - 26810. Had mentioned 2 days ago that the targets range and stoploss had contracted quite a bit and we can see a bounce and we got a bounce of 400 points in the last 2 sessions.

Bank Nifty needs to break and sustain above 27085 to make a move towards 27170 - 27280. Breaking and sustaining below 26840 we can see a move back towards 26755 - 26680 initially 


Bank Nifty Spot Levels for the day are

Long above 27110 for 27145 - 27185 - 27295 , SL 27070

Short below 26995 for 26960 - 26920 - 26810 , SL 27035

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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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