Bank Nifty Spot Outlook for 23rd March

BANK NIFTY

Bank Nifty spot opened at 20815.35 and made a high of 20899 , then went down till 20753.90 before closing at 20781.35 . Had mentioned that long positions can be taken above 21070 and short positions can be taken below 20968 for the day . 

Bank Nifty triggered our short trade with a gap down near our last target . It made a high of 20899 and was unable to sustain above our cbsl for long positions of 20896 indicating weakness . Bank Nifty had triggered our weekly shorts in the previous session and now only our last target of 20683 is pending . Had mentioned in the previous post that 'Further shorts will get confirmed on breaking and sustaining below 20878' and we saw a further correction of 120 points on sustaining below it . 

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 . Today we saw Bank Nifty make a low of 20753.90 and those who have taken the weekly short trade would have got nearly 325+ points this week from the short trade . 

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 . 

Had mentioned that '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' and today we saw the trailing cbsl being taken . 

For today if Bank Nifty spot sustains above 20842 we can see a initial move till 20905 & on sustaining above 20922 we may see further move till 21035 . Similarly if Bank Nifty spot sustains below 20721 we may see a initial move on the downside till 20657 &  on sustaining below 20641 we may see further move till 20525 .

Bank Nifty Spot Levels for the day are

Long above 20842 for 20879 – 20922 – 21037 , SL 20763

Short below 20721 for 20684 – 20641 – 20525 , SL 20800

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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.