Sunday, 5 March 2017

Bank Nifty Spot Outlook for 06th March

BANK NIFTY


Bank Nifty spot opened at 20572.85 and made a high of 20580.45  , then went down till 20423.35 before closing at 20495.60 . Had  mentioned that long positions can be taken above 20628 and short positions can be taken below 20490 for the day .  

Bank Nifty triggered our short trade and completed 1 target . Bank Nifty had triggered our weekly short trade in the previous session and missed the last weekly target by 38 points . Bank Nifty tested our cbsl for longs at 20427 by making a low of 20423.35 and bounced back till 20500 but could not manage to close above it .


Now for this week Bank Nifty needs to break and sustain above 20646 then we can expect a move till 20739 - 20806 levels initially and closing above 20846 we can expect the next move till 20983 - 21135 . Similarly Bank Nifty needs to break and sustain below 20345 then we can expect a move till 20252 - 20186 levels initially and closing below 20145 we can expect a further move till 20008 - 19857 .

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 . 


As mentioned previously 'Those who are holding longs should keep a cbsl of 20427 spot for their positions . Those who are holding shorts should keep a strict cbsl of 21115 spot for their positions' . 

For today if Bank Nifty spot sustains above 20553 we can see a initial move till 20615 & on sustaining above 20628 we may see further move till 20735 . Similarly if Bank Nifty spot sustains below 20439 we may see a initial move on the downside till 20378 &  on sustaining below 20363 we may see further move till 20254.


Bank Nifty Spot Levels for the day are

Long above 20553 for 20588 
– 20628 – 20735 , SL 20478

Short below 20439 for 20404 – 20363 – 20254 , SL 20513

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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.