Monday, 17 February 2020

Bank Nifty Spot Outlook for 18th Feb

In the previous session : 

Bank Nifty went up by 163 points then went down by 204 points before finally closing lower by 154 points on Monday compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then been trading sideways to negative and had corrected by 2850+ points from that high. Post the correction till 29612.55 we have now seen a bounce of 1500 points .

On 17th Feb :

Bank Nifty initially triggered our long trade and took our stoploss. Bank Nifty then triggered our short trade and did 75 points. Bank Nifty indicated indecisiveness again by triggering our trade on both sides on Monday.

For 17th Feb  :

Sustaining above 30775 enter for 30835 - 30900 - 31080 , SL 30710

Sustaining below 30585 enter for 30525 - 30460 - 30280 , SL 30650

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :
  • Bank Nifty longs will get confirmed with a consecutive close above 31320 for a initial target of 31840 - 31970 and sustaining / closing above 31970 we can see a further move till 32415 - 32900 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 30345 for  a initial target of 29830 - 29700 and sustaining / closing below 29700 we can see a further move till 29255 - 28765.

Bank Nifty had triggered our monthly shorts and completed our initial targets with a low of 29613. For a further correction Bank Nifty had to give a close below 29700 and holding 29700 on closing basis we were expecting a bounce . Bank held 29700 on closing and we saw a bounce till above 31650 levels giving 1900 points . 

After such a stupendous move we were expecting to see a few sideways to negative trading days and as long as Bank Nifty is holding above 30345 we can expect the upmove to resume again .

Bank Nifty had failed to give a consecutive close above 31320 to continue moving up further towards 31840 - 31970 initially .

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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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