Bank Nifty Spot Outlook for 15th March

BANK NIFTY

Bank Nifty spot opened at 21189.85 and made a high of 21274.45 , then went down till 21059.70 before closing at 21102.70 . Today Bank Nifty made a new high and closed above 21000 levels after the massive BJP win seen over the weekend ,especially in UP . 

Bank Nifty initially triggered our weekly long trade as expected and further upmove was expected on breaking and sustaining above 21370 - 21435 which it did not test. As per our weekly levels initial 3 targets till 21265 got completed due to gap up opening but further follow up did not happen today . Bank Nifty had tested our previous cbsl for longs at 20427 by making a low of 20423.35 last week and has bounced back till 21274.45 in today's session. Those who would have taken the long trade near our cbsl have seen a up move of nearly 850 points till now . Now for further upmove this week Bank Nifty needs to break and sustain above 21435 .

Now for this week Bank Nifty needs to break and sustain above 21115 for long confirmation, then we can expect a move till 21265 - 21370 levels initially and closing above 21435 we can expect the next move till 21650 - 21890 . Similarly Bank Nifty needs to break and sustain below 20610 for short confirmation then we can expect a move till 20540 - 20489 levels initially and closing below 20427 we can expect a further move till 20350 - 20235 . Today Bank Nifty confirmed our weekly longs and further upmove will come on breaking and sustaining above  21435 levels . 

For the month of March we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 20932 and downtrend on a consecutive closing below 20283 '  . In February had mentioned 19958 closing as the long confirmation level for Bank Nifty and we saw a move of 1050+ points after Bank Nifty gave a consecutive close above the monthly long confirmation level . Today Bank Nifty has given a close well above 20932 levels and we need a consecutive close above it now . 

Those who are holding longs or those who are looking to enter fresh longs on a correction should keep a cbsl of 20755 spot for their positions . 

For today if Bank Nifty spot sustains above 21165 we can see a initial move till 21230 & on sustaining above 21250 we may see further move till 21365 . Similarly if Bank Nifty spot sustains below 21040 we may see a initial move on the downside till 20975 &  on sustaining below 20955 we may see further move till 20840 .

Bank Nifty Spot Levels for the day are

Long above 21165 for 21205 – 21250 – 21365 , SL 21080

Short below 21040 for 21000 – 20955 – 20840 , SL 21125

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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.