Sunday, 2 February 2020

Weekly Spot Outlook Of Bank Nifty For 03rd to 07th Feb

In the previous week : 

Bank Nifty went down by 1489 points before finally ending the week with a loss of 1421 points compared to its last weekly closing. 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then been trading sideways to negative since then 

Bank Nifty for this week :

  • Sustaining above 30060 enter for 30205 - 30325 - 30445 

  • Further sustaining above 30610 enter for 30715 - 31065 - 31450 

  • Sustaining below 29580 enter for 29435 - 29320 - 29200

  • Further sustaining below 29030 enter for 28930 - 28580 - 28195

How to use these levels 
  • Enter on sustaining above/below the initial levels mentioned and look to book partly/fully once it completes its initial 3 targets . Re-enter if price further sustains or closes above / below the next levels mentioned for the next targets . 

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 triggered our shorts and completed our initial targets with a low of 29753. Now we can see a further correction on sustaining/closing below 29700 towards 29255 -28765. Holding above 29700 we can see a pullback towards 30345 - 30535.

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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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