Bank Nifty Spot Outlook for 07th Mar

BANK NIFTY

Bank Nifty spot opened at 24964.10 , it made a high of 25040.25 ,  it made a low of 24362.05 before closing at 24448.45

Had mentioned that long positions can be taken above 24910 for the day and short positions can be taken below 24730.  Bank Nifty initially triggered our long trade by opening near our 1st target and completed 2 long targets for the day  before taking our TSL. Bank Nifty then triggered our short trade and completed and short targets for the day giving 290 points from the short trade .  As mentioned in the previous post " Now in this week Bank Nifty has to sustain / close above 25150 to test 25395 - 25460 initially and above it we can see a move till 25680 - 25915 . Similarly Bank Nifty has to sustain / close below 24660 to test 24410 - 24345 initially and below it we can see a move till 24130 - 23690 ." , and Bank Nifty made a high of 25040.25 and did not confirm our weekly longs and reversed to trigger our weekly short trade and nearly achieved the lower end our initial target of 24410 - 24345  with a low of 24362.05 . Now for a further correction Bank Nifty needs to sustain below 24345 for a move till 24130 - 23890 .

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 24910 can test 25005 - 25030 and on sustaining above it we can see a further upmove till 25110 - 25200 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24730 we can see a test of 24635 - 24610 initially and breaking and sustaining below it we can see a further correction till 24530 - 24440 next . " , and Bank Nifty made a high of 25040.25 just above our initial resistance zone and could not sustain and reversed to make a low of 24362.05 well below our next support zone and also closed near the lower end of the next support . 

Now for the month of March , Bank Nifty longs will get confirmed with a consecutive close above 25620 for a initial target of 26155 - 26295 and sustaining / closing above it we can see a further test of 26755 - 27265 . Similarly , shorts will get confirmed with a consecutive close below 24595 for a initial target of 24055 - 23925 and sustaining / closing below it we can see a further test of 23455 - 22945 . Today Bank Nifty triggered our monthly shorts too and now sustaining below 24595 we can see a move till the initial targets of 24055 -23925 initially .

Now in the coming session Bank Nifty breaking and sustaining above 24545 can test 24645 - 24675 and on sustaining above it we can see a further upmove till 24760 - 24855 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24350 we can see a test of 24250 - 24225 initially and breaking and sustaining below it we can see a further correction till 24135 - 24040 next . 

Bank Nifty Spot Levels for the day are

Long above 24545 for 24605 – 24675 – 24855 , SL 24420

Short below 24350 for 24290 – 24225 – 24040 , SL 24480

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 reactions 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.