Bank Nifty Spot Outlook for 02nd March

BANK NIFTY

Bank Nifty spot opened at 20698.90 and made a low of 20678.75  , then went up till 20833.75 before closing at 20783.75 . Had  mentioned that long positions can be taken above 20667 and short positions can be taken below 20548 for the day .  

Bank Nifty triggered our long trade and missed our last target by 24 points . Bank Nifty had triggered our weekly short trade in the previous session and has completed 6 targets giving around 200 points . Further shorts were to be confirmed on sustaining / closing below 20609 and we had got a borderline close in the previous session but today reversed and closes just below our trigger level. 

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 . In the previous session Bank Nifty made a low of 20560.60 and had also given a borderline close at 20607.25 just below our level for further shorts and it had to sustain below this level to test the next short targets but today Bank Nifty opened gap up after the borderline close .

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 20992 spot for their positions .

For today if Bank Nifty spot sustains above 20842 we can see a initial move till 20904 & on sustaining above 20920 we may see further move till 21032 . Similarly if Bank Nifty spot sustains below 20725 we may see a initial move on the downside till 20663 &  on sustaining below 20647 we may see further move till 20535 .

Bank Nifty Spot Levels for the day are

Long above 20842 for 20879 – 20920 – 21032 , SL 20766

Short below 20725 for 20689 – 20647 – 20535 , SL 20802

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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.