Bank Nifty Spot Outlook for 07th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 27618.10 and made a low of 27492.05,  it made a high of 27681.65,  before closing at 27625.65

Had mentioned that long trade for the day will get triggered on sustaining above 27645 and short trade for the day will get triggered on sustaining below 27460 .Bank Nifty triggered our long trade but could did not complete any target. 

As mentioned over the weekend:-

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27235 and then enter for a initial target of 27435 - 27485 and look to hold further only on sustaining or getting a close above 27485 for the next targets of 27660 - 27850. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26850 and then enter for a initial target of 26650 - 26600 and look to hold further only on sustaining or getting a close below 26600 for the next targets of 26430 - 26240.

Bank Nifty today made a high of 27681.65 reaching our next target of 27660 - 27850 after giving a long signal above 27165 in the past 2 sessions giving 500 points from the weekly long trade. 

Now Bank Nifty has immediate resistance at 27850 - 27910 in the coming session which it needs to break and sustain above for a further upmove . Incase Bank Nifty takes resistance near 27850 - 27910 then we can see a correction towards 27600 - 27575 initially and on a stronger selling pressure further towards 27430 - 27350 . 

Also as mentioned " 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." , and Bank Nifty today completed our initial targets with a high of 27681.65 . 

Now in the coming session Bank Nifty needs to break and sustain above 27715 to test 27810 - 27835 initially and sustaining above it we can see a further upmove till 27915 - 28005. Similarly breaking and sustaining below 27535 we can see a test of 27440 - 27415 initially and sustaining below it we can see a further correction till 27335 - 27250. 

Bank Nifty Spot Levels for the day are

Long above 27715 for 27770 - 27835 - 28005 , SL 27650

Short below 27535 for 27480 - 27415 - 27250 , SL 27600

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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.