Bank Nifty Spot Outlook for 14th Feb

BANK NIFTY

In the previous session Bank Nifty spot opened at 27068.85 and made a high of 27108,  it made a low of 26839.05,  before closing at 26885.40

Had mentioned that long trade for the day will get triggered on sustaining above 27085 and short trade for the day will get triggered on sustaining below 26935 .Bank Nifty initially triggered our long trade and took our stoploss . It then triggered our short trade and did 90 points . 

Had mentioned " For this week Bank Nifty needs to break and sustain / close above 27490 to test 27700 - 27750 initially and above it we can see a test of 27930- 28125 . Similarly Bank Nifty needs to break and sustain / close below 27100 to test 26890 - 26840 initially and below it we can see a test of 26660 - 26465.  , and Bank Nifty triggered our weekly short trade and those who are holding shorts should keep a stoploss of 27235 and look to book once near 26890 - 26840 ." , and today Bank Nifty completed our initial targets with a low of 26839.05 .

Now Bank Nifty needs to hold 26840 in the coming session to expect a bounce back till 27100 - 27170. It has a strong support at 26760 and once below it we can see a test of the 26660 - 26465 next on the downside. 

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 26935 to test 26980 - 26995 initially and sustaining above it we can see a further upmove till 27035 - 27085. Similarly breaking and sustaining below 26840 we can see a test of 26790 - 26775 initially and sustaining below it we can see a further correction till 26735 - 26690

Bank Nifty Spot Levels for the day are

Long above 26935 for 26960 - 26995 - 27085 , SL 26900

Short below 26840 for 26810 - 26775 - 26690 , SL 26870

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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.