Bank Nifty Spot Outlook for 08th March

BANK NIFTY

Bank Nifty spot opened at 20685.95 and made a high of 20701.25 , then went down till 20585.95 before closing at 20627.50 . Had  mentioned that long positions can be taken above 20723 and short positions can be taken below 20604 for the day .  

Bank Nifty triggered our short trade but did not complete any targets. Bank Nifty had in the previous session triggered our weekly long trade and missed our initial 3rd weekly long target by 12 points .  Bank Nifty had tested our cbsl for longs at 20427 by making a low of 20423.35 on Friday and bounced back till 20727.50 in the previous session  . Those who would have taken the long trade have seen a up move of 300 points.

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 . Bank Nifty broke above 20646 and nearly tested 20739 - 20806 levels in the previous session but could not give a follow up move today .

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 20681 we can see a initial move till 20738 & on sustaining above 20752 we may see further move till 20855 . Similarly if Bank Nifty spot sustains below 20574 we may see a initial move on the downside till 20517 &  on sustaining below 20503 we may see further move till 20400.

Bank Nifty Spot Levels for the day are

Long above 20681 for 20714 – 20752 – 20855 , SL 20611

Short below 20574 for 20541 – 20503 – 20400 , SL 20644

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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.