Tuesday, 21 March 2017

Bank Nifty Spot Outlook for 21st March

BANK NIFTY


Bank Nifty spot opened at 21202.55 which was also the high for the day , then went down till 21084.80 before closing at 21110.25 . Had mentioned that long positions can be taken above 21223 and short positions can be taken below 21127 for the day . 


Bank Nifty triggered our short trade and completed just 1 target for the day . Bank Nifty did not break and sustain below 21047 which would have confirmed our weekly shorts though Nifty confirmed its weekly shorts and completed its initial 3 targets . In the coming session we might see Bank Nifty also confirm its weekly short trade or if Bank Nifty holds itself then we will see Nifty recover .


Now for this week Bank Nifty needs to break and sustain above 21303 for long confirmation, then we can expect a move till 21382 - 21438 levels initially and closing above 21473 we can expect the next move till 21589 - 21717 . Similarly Bank Nifty needs to break and sustain below 21047 for short confirmation then we can expect a move till 20968 - 20912 levels initially and closing below 20878 we can expect a further move till 20761 - 20633 . 


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 . For the month of March,  Bank Nifty has so far give a move of nearly 400+ points till now after breaking above our monthly long confirmation level. Those who are holding longs should follow the trailing cbsl levels mentioned . 


Those who are holding longs or those who are looking to enter fresh longs on a correction should keep a cbsl of 20896 spot for their positions . 

For today if Bank Nifty spot sustains above 21159 we can see a initial move till 21211 & on sustaining above 21224 we may see further move till 21318 . Similarly if Bank Nifty spot sustains below 21061 we may see a initial move on the downside till 21009 &  on sustaining below 20996 we may see further move till 20903 .


Bank Nifty Spot Levels for the day are

Long above 21159 for 21189 
– 21224 – 21318 , SL 21095

Short below 21061 for 21031 – 20996 – 20903 , SL 21125

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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.