Wednesday, 8 March 2017

Bank Nifty Spot Outlook for 09th March


Bank Nifty spot opened at 20630.15 and made a low of 20534.25 , then went up again till 20715.20 before closing at 20676.55 . Had  mentioned that long positions can be taken above 20681 and short positions can be taken below 20574 for the day .  

Bank Nifty initially triggered our long trade and completed 1 target and took our TSL . It then went down and triggered our short trade and competed 1 target and took our TSL again . 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 last 2 sessions but is not being able to break out above it  .

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 20731 we can see a initial move till 20789 & on sustaining above 20803 we may see further move till 20907 . Similarly if Bank Nifty spot sustains below 20622 we may see a initial move on the downside till 20565 &  on sustaining below 20550 we may see further move till 20446.

Bank Nifty Spot Levels for the day are

Long above 20731 for 20765 
– 20803 – 20907 , SL 20660

Short below 20622 for 20589 – 20550 – 20446 , SL 20693

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.

No comments:

Post a Comment