Tuesday, 6 February 2018

Bank Nifty Spot Outlook for 06th Feb

BANK NIFTY


Bank Nifty spot opened at 25968.15 , it made a low of 25917.55 ,  it made a high of 26215.10  before closing at 26098.75 .

Had mentioned that long positions can be taken above 26565 for the day and short positions can be taken below 26340 .  Bank Nifty triggered our short trade by opening below our last short target for the day and did not give a chance to enter . Bank Nifty triggered our weekly short trade and completed our initial 3 short targets . Now for a further correction this week Bank Nifty has to break and sustain below 25840 - 25760 zone , else this zone can provide support from where we can see a small bounce .

Had mentioned in the previous post " 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 . " , and Bank Nifty made a low of 25917.55 . 


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 26215 can test 26330 - 26360 and on sustaining above it we can see a further upmove till 26465 - 26575 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25985 we can see a test of 25865 - 25835 initially and breaking and sustaining below it we can see a further correction till 25735 - 25620 next . 


Bank Nifty Spot Levels for the day are

Long above 26215 for 26280 
– 26360 – 26575 , SL 26065

Short below 25985 for 25915 – 25835 – 25620 , SL 26135

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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.