Weekly Spot Outlook of Bank Nifty for 20th to 24th March

BANK NIFTY

This week Bank Nifty spot went up 609 points over last weeks close and finally ended the week with a gain of 448 points compared to last weekly closing . 

As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 21115 to confirm uptrend and Bank Nifty spot needed to break and sustain below 20610 to confirm downtrend for the week. Bank Nifty made a high of 21336.05  and a low of 21059.70

This week Bank Nifty triggered our long trade at opening and completed just our initial 3 targets giving nearly 150 points from the long trade . In the last 2 weeks we had seen Bank Nifty test our cbsl for positional longs of 20427 and bounce back and this week it has made a high of 21336 and closed 750 points above the cbsl level mentioned 2 weeks ago .

Bank Nifty took support just near our confirmation levels to short again of 17608 in December and reversed to now make a high of 21336.05 in March gaining 3700+ points till now .Now Bank Nifty needs to break and sustain or close above 21435 for the up move to continue . 

Those who are holding longs or those who are intending to go long on a correction should keep a strict cbsl of 20896 for their positions.

For the month of March we can expect uptrend in Bank Nifty spot on a consecutive close above 20932 and downtrend in Bank Nifty spot on a consecutive close below 20283. Had mentioned last month 'For the month of February we can expect uptrend in Bank Nifty spot on a consecutive close above 19958 and we can expect downtrend in Bank Nifty spot on a consecutive close below 19072' and we got nearly 1050+ points once it closed above 19958 in February . For this month we have seen Bank Nifty give a further move of 400 points after it has given a consecutive close above our monthly long levels.

In the coming week Bank Nifty spot needs to break and sustain above 21303 to confirm uptrend and then one can expect a move till 21438 initially and breaking and sustaining above 21473 will give further confirmation of the next move which can take us till 21717. Similarly Bank Nifty spot needs to break and sustain below 21047 to confirm downtrend and then one can expect a move till 20912 initially and breaking and sustaining below 20878 will give further confirmation of the next move which can take us down till 20633. 

Bank Nifty Spot Levels for the week are

Long above 21254 , Tgt 21303 - 21343 - 21382

IF Bank Nifty spot manages to get a close / sustain above 21438 then 

long again for 21473 - 21589 - 21717

Short below 21096 , Tgt 21047 - 21008 - 20968

IF Bank Nifty spot manages to get a close / sustain below 20912 then 

short again for 20878 - 20761 - 20633

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.