Bank Nifty Spot Outlook for 29th March

BANK NIFTY

Bank Nifty spot opened at 21229 and made a high of 21264.95 , it went down till 21145 before closing at 21225.40 . Had mentioned that long positions can be taken above 21107 and short positions can be taken below 21007 for the day . 

Bank Nifty triggered our long trade with a gap up above our 2nd target for the day . It missed our last daily target by 5 points . In the previous session Bank Nifty had triggered our weekly short but failed to break below the confirmation level of 20945 and had reversed well above it giving a indication it was not yet ready to correct . We saw our trailing cbsl being taken last week which were for positions taken at lower levels . 

Now for this week Bank Nifty needs to break and sustain above 21300 for long confirmation, then we can expect a move till 21410 - 21488 levels initially and closing above 21536 we can expect the next move till 21698 - 21876 . Similarly Bank Nifty needs to break and sustain below 20945 for short confirmation then we can expect a move till 20835 - 20757 levels initially and closing below 20709 we can expect a further move till 20547 - 20369. 

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 . For the month of March,  Bank Nifty has so far give a move of nearly 400+ points till now after breaking above our monthly long confirmation level. We are entering the expiry week for March series and we can expect some swings and it would also be interesting to see where we close the month to understand the next moves for the coming financial year.

Had been mentioning that 'Those who are holding longs or those who are looking to enter fresh longs on a correction should keep a cbsl of 20896 spot for their positions' and we saw the trailing cbsl being taken which were for positions entered at much lower levels . Fresh positions built after breaking above our monthly long confirmation levels should keep a cbsl of 20708 for their positions .

For today if Bank Nifty spot sustains above 21280 we can see a initial move till 21338 & on sustaining above 21352 we may see further move till 21457 . Similarly if Bank Nifty spot sustains below 21171 we may see a initial move on the downside till 21113 &  on sustaining below 21099 we may see further move till 20994 .

Bank Nifty Spot Levels for the day are

Long above 21280 for 21314 – 21352 – 21457 , SL 21209

Short below 21171 for 21137 – 21099 – 20994 , SL 21242

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.