Bank Nifty Spot Outlook for 29th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 30064.80, made a low of 29969.10, it then made a high of 30496.05 ,  before closing at 30420.55

Had mentioned that long trade for the day will get triggered on sustaining above 30125 and short trade for the day will get triggered on sustaining below 29910 .Bank Nifty triggered our long trade and completed all our daily targets giving 350 points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29815 and then enter for a initial target of 30060 - 30120 and look to hold further only on sustaining or getting a close above 30120 for the next targets of 30330 - 30560. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29350 and then enter for a initial target of 29105 - 29045 and look to hold further only on sustaining or getting a close below 29045 for the next targets of 28835 - 28605.

As mentioned above Bank Nifty triggered our weekly long trade and nearly completed all our targets with a high of 30496.05 reaching our last target zone of 30330 - 30560 for this week .

As mentioned in the previous post " Now Bank Nifty has immediate resistance at 29920 - 30250 and moving past this range on good volumes is required for further upmove. " , and Bank Nifty today made a high of 30496.05 on breaking and sustaining above 30250. 

Bank Nifty has immediate support at 30050 - 30120 now which it needs to hold incase of correction for the upmove to resume .

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 completed all our targets and has gone up further by 2000+ points after lagging for the past 2 months .

Now in the coming session Bank Nifty needs to break and sustain above 30535 to test 30650 - 30680 initially and sustaining above it we can see a further upmove till 30785 - 30895. Similarly breaking and sustaining below 30305 we can see a test of 30190 - 30160 initially and sustaining below it we can see a further correction till 30055 - 29945 

Bank Nifty Spot Levels for the day are

Long above 30535 for 30605 - 30680 - 30895 , SL 30455

Short below 30305 for 30240 - 30160 - 29945 , SL 30385

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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.