Bank Nifty Spot Outlook for 01st Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 26878.00 and made a high of 26920.50,  it made a high of 26762.55,  before closing at 26789.90

Had mentioned that long trade for the day will get triggered on sustaining above 26870 and short trade for the day will get triggered on sustaining below 26730 .Bank Nifty triggered our long trade at opening and did 50 points .

Had mentioned " For this week Bank Nifty needs to break and sustain / close above 27030 to test 27195 - 27240 initially and above it we can see a test of 27385 - 27540 . Similarly Bank Nifty needs to break and sustain / close below 26705 to test 26540 - 26495 initially and below it we can see a test of 26355 - 26195." , and Bank Nifty had triggered our weekly long trade and nearly tested our initial target of 27195 - 27240 with a high of 27189.45. Bank Nifty has in the last couple of sessions managed to take support above our weekly short trigger of 26705 and it needs to hold it in the coming session too for a bounce.

For the month of March , longs will get confirmed with a consecutive close above 27165 for a initial target of 27555 - 27655 and sustaining / closing above it we can see a further test of 27995 - 28365 . Similarly , shorts will get confirmed with a consecutive close below  26415 for a initial target of 26025 - 25925 and sustaining / closing below it we can see a further move till 25585 - 25215.

Now in the coming session Bank Nifty needs to break and sustain above 26860 to test 26930 - 26950 initially and sustaining above it we can see a further upmove till 27010 - 27080. Similarly breaking and sustaining below 26720 we can see a test of 26650 - 26630 initially and sustaining below it we can see a further correction till 26570 - 26500. 

Overall Bank Nifty needs to break and sustain above 27240 to make a move towards 27385 - 27540. Breaking and sustaining below 26775 we can see a move back towards 26675 - 26650 initially 

Bank Nifty Spot Levels for the day are

Long above 26860 for 26900 - 26950 - 27080 , SL 26810

Short below 26720 for 26680 - 26630 - 26500 , SL 26770

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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.