Bank Nifty Spot Outlook for 17th March

BANK NIFTY

Bank Nifty spot opened at 21237.50 and made a low of 21194.25 , then went up till 21289.80 before closing at 21249.90 . Had mentioned that long positions can be taken above 21220 and short positions can be taken below 21095 for the day . 

Bank Nifty triggered our long trade for the day and missed our 2nd target by 8 points.  In the previous session Bank Nifty had triggered our weekly long trade and further upmove was expected on breaking and sustaining above 21370 - 21435 which it is yet to test. As per our weekly levels initial 3 targets till 21265 got completed due to gap up opening this week but further follow up has not happened . 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 till now. Those who would have taken the long trade near our cbsl have seen a up move of nearly 850 points till now . Bank Nifty has been underperforming since the last 2 sessions . 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 . In the previous session Bank Nifty had confirmed our weekly longs and we were expecting a move again till 21265 - 21370  . Bank Nifty today made a high of 21289.80 but could not test the upper end of the expected initial range.

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 consecutive close above the monthly long confirmation levels and those holding longs should follow the trailing cbsl levels mentioned . 

Those who are holding longs or those who are looking to enter fresh longs on a correction should keep a cbsl of 20802 spot for their positions . 

For today if Bank Nifty spot sustains above 21298 we can see a initial move till 21349 & on sustaining above 21362 we may see further move till 21454 . Similarly if Bank Nifty spot sustains below 21202 we may see a initial move on the downside till 21151 &  on sustaining below 21138 we may see further move till 21046 .

Bank Nifty Spot Levels for the day are

Long above 21298 for 21328 – 21362 – 21454 , SL 21235

Short below 21202 for 21172 – 21138 – 21046 , SL 21265

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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.