Thursday, 9 March 2017

Bank Nifty Spot Outlook for 10th March


Bank Nifty spot opened at 20620.55 and made a low of 20603.90 , then went till 20780.20 before closing at 20721.35 . Had  mentioned that long positions can be taken above 20731 and short positions can be taken below 20622 for the day .  

Bank Nifty initially triggered our short trade and did not complete any target and took our SL. Bank Nifty then triggered our long trade and completed just 1 target. Bank Nifty had triggered our weekly long trade a couple of sessions ago and today completed our initial 3 targets . Bank Nifty had tested our cbsl for longs at 20427 by making a low of 20423.35 last week and has bounced back till 20780.20 in today's session. Those who would have taken the long trade have seen a up move of 300 points. Now for further upmove this week Bank Nifty needs to break and sustain above 20846 .

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 today tested 20739 - 20806 levels by making a high of 20780 . It now needs to break this zone and sustain above 20846 for further upmove.

We are awaiting the election results and entering a long weekend too , so it is advisable to trade light or sit on the sides for these events to play out.

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 . This month so far Bank Nifty has been unable to give a close either above or below our monthly confirmation levels .

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 20776 we can see a initial move till 20835 & on sustaining above 20849 we may see further move till 20954 . Similarly if Bank Nifty spot sustains below 20666 we may see a initial move on the downside till 20608 &  on sustaining below 20593 we may see further move till 20488 .

Bank Nifty Spot Levels for the day are

Long above 20776 for 20810 
– 20849 – 20954 , SL 20704

Short below 20666 for 20632 – 20593 – 20488 , SL 20738

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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.

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