Thursday, 15 February 2018

Bank Nifty Spot Outlook for 16th Feb

BANK NIFTY


Bank Nifty spot opened at 25360.90 , it made a low of 25295.15 ,  it made a high of 25615.15  before closing at 25424.35 

Had mentioned that long positions can be taken above 25460 for the day and short positions can be taken below 25225 .  Bank Nifty triggered our long trade for the day and completed 2 targets giving 150 points from the trade . As mentioned in the previous post " Now for this week Bank Nifty has to sustain / close above 25750 to test 26050 - 26125 initially and above it we can see 26385 - 26670 next . Similarly this week if Bank Nifty sustains / closes below 25180 we can see a test of 24880 - 24800 initially and below it we can see a test of 24545 - 24260 next .", today Bank Nifty traded between 25180 - 25750 range .

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 25460 can test 25580 - 25610 and on sustaining above it we can see a further upmove till 25715 - 25835 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25225 we can see a test of 25105 - 25070 initially and breaking and sustaining below it we can see a further correction till 24965 - 24850 next . " , and Bank Nifty made a high of 25615.15 just above our initial resistance zone . 


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 .Sustaining below 25540 Bank Nifty can see a retest of 25200 - 25050 zone . For a slightly bigger correction Bank Nifty needs to give a close below 25160 for a test of 24760 - 24660 initially . 

Now in the coming session Bank Nifty breaking and sustaining above 25545 can test 25675 - 25710 and on sustaining above it we can see a further upmove till 25820 - 25940 next. Similarly in the coming session Bank Nifty breaking and sustaining below 25305 we can see a test of 25175 - 25140 initially and breaking and sustaining below it we can see a further correction till 25030 - 24910 next . 


Bank Nifty Spot Levels for the day are

Long above 25545 for 25620 
– 25710 – 25940 , SL 25385

Short below 25305 for 25225 – 25140 – 24910 , SL 25465

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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.