Tuesday, 28 February 2017

Bank Nifty Spot Outlook for 01st March

BANK NIFTY


Bank Nifty spot opened at 20632.85 and made a high of 20681.30  , then went down till 20560.60 before closing at 20607.25 . Had  mentioned that long positions can be taken above 20672 and short positions can be taken below 20554 for the day .  

Bank Nifty triggered our long trade and took our SL without achieving any target . Bank Nifty had triggered our weekly short trade in the previous session and has completed 6 targets giving around 200 points . Further shorts will be confirmed on sustaining below 20609 today. 

Now for this week Bank Nifty needs to break and sustain above 20992 then we can expect a move till 21065 - 21115 levels initially and closing above 21145 we can expect the next move till 21250 - 21365 . Similarly Bank Nifty needs to break and sustain below 20760 then we can expect a move till 20690 - 20639 levels initially and closing below 20609 we can expect a further move till 20505 - 20385 . Bank Nifty today made a low of 20560.60 and has also given a borderline close at 20607.25 just below our level for further shorts and it would need to sustain below this to level to test the next short targets  .

Have been mentioning since the beginning of the month ' For the month of March we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 20932 and downtrend on a consecutive closing below 20283 '  . In February had mentioned 19958 closing as the long confirmation level for Bank Nifty and we saw a move of 1050+ points after Bank Nifty gave a consecutive close above the monthly long confirmation level . 


Those who are holding longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 20427 spot for their positions . Those who are holding shorts or those who are looking to enter fresh shorts on further upmove should keep a strict cbsl of 21115 spot for their positions .

For today if Bank Nifty spot sustains above 20667 we can see a initial move till 20729 & on sustaining above 20745 we may see further move till 20858 . Similarly if Bank Nifty spot sustains below 20548 we may see a initial move on the downside till 20485 &  on sustaining below 20470 we may see further move till 20356 .


Bank Nifty Spot Levels for the day are

Long above 20667 for 20703 
– 20745 – 20858 , SL 20589

Short below 20548 for 20511 – 20470 – 20356 , SL 20626

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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.