Sunday, 23 February 2020

Weekly Spot Outlook Of Bank Nifty For 24th to 28th Feb

In the previous week : 

Bank Nifty went down by 582 points then went up by 250 points before finally ending the week higher by 108 points compared to its last weekly closing. 

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

Bank Nifty for this week :

  • Sustaining above 31170 enter for 31240 - 31310 - 31360 

  • Further sustaining above 31410 enter for 31470 - 31680 - 31910

  • Sustaining below 30715 enter for 30645 - 30575 - 30525

  • Further sustaining below 30475 enter for 30415 - 30205 - 29985

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 had triggered our shorts and completed our initial targets with a low of 29753. Had mentioned that Bank Nifty for a further correction had to sustain / close below 29700 for a further correction towards 29255 -28765. 

Bank Nifty held 29700 on closing basis and we saw a pullback towards 31650+ levels .

Post that Bank Nifty failed to give a consecutive close above 31320 for a further upmove and again corrected by around 1400 points from 31650  and is currently trading between 30250 - 31650 range .

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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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