Bank Nifty Spot Outlook for 05th Feb

BANK NIFTY

Bank Nifty spot opened at 27017.00 , it made a high of 27017.55 ,  it made a low of 26364.05  before closing at 26451.15 .

Had mentioned that long positions can be taken above 27295 for the day and short positions can be taken below 27150 .  Bank Nifty triggered our short trade by opening below our 2nd short target for the day . Bank Nifty had triggered our weekly short trade in the previous session and completed all weekly short targets 

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 27295 can test 27370 - 27390 and on sustaining above it we can see a further upmove till 27455 - 27530 next. Similarly in the coming session Bank Nifty breaking and sustaining below 27150 we can see a test of 27075 - 27050 initially and breaking and sustaining below it we can see a further correction till 26985 - 26915 next . " , and Bank Nifty made a low of 26364.05 . 

For the month of February Bank Nifty has triggered our monthly shorts below 26975 for a initial target of 26405 - 26295 and breaking and sustaining below it we can see a test of 25940 - 25540 . Monthly longs will get confirmed with a consecutive close above 27620 for a initial target of 28040 - 28150 and breaking and sustaining above it we can see a test of 28505 - 28905 .

Now in the coming session Bank Nifty breaking and sustaining above 26565 can test 26685 - 26715 and on sustaining above it we can see a further upmove till 26815 - 26925 next. Similarly in the coming session Bank Nifty breaking and sustaining below 26340 we can see a test of 26220 - 26190 initially and breaking and sustaining below it we can see a further correction till 26090 - 25980 next . 

Bank Nifty Spot Levels for the day are

Long above 26565 for 26635 – 26715 – 26925 , SL 26415

Short below 26340 for 26270 – 26190 – 25980 , SL 26485

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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.