Sunday, 26 March 2017

Bank Nifty Spot Outlook for 27th March

BANK NIFTY


Bank Nifty spot opened at 20987.60 and made a high of 21174.10, then went down till 20929.15 before closing at 21122.55 . Had not posted the daily levels on Friday due to connectivity issues . 

Bank Nifty had triggered our short trade last week and corrected nearly 300+ points . We saw buying coming in at lower levels which helped Bank Nifty close above 21100 levels for the week . We saw our trailing cbsl being taken last week which were for positions taken at lower levels . 


Now for this week Bank Nifty needs to break and sustain above 21059 for long confirmation, then we can expect a move till 21160 - 21232 levels initially and closing above 21276 we can expect the next move till 21425 - 21588 . Similarly Bank Nifty needs to break and sustain below 20732 for short confirmation then we can expect a move till 20631 - 20559 levels initially and closing below 20515 we can expect a further move till 20366 - 20203 . 


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. We are entering the expiry week for March series and we can expect some swings and it would also be interesting to see where we close the month to understand the next moves.


Had been mentioning 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 we saw the trailing cbsl being taken which were for positions entered at much lower levels . Fresh positions built after breaking above our monthly long confirmation levels should keep a cbsl of 20708 for their positions .

For today if Bank Nifty spot sustains above 21190 we can see a initial move till 21261 & on sustaining above 21279 we may see further move till 21407 . Similarly if Bank Nifty spot sustains below 21055 we may see a initial move on the downside till 20984 &  on sustaining below 20966 we may see further move till 20838 .


Bank Nifty Spot Levels for the day are

**Long above 21190 for 21231 
– 21279 – 21407 , SL 21101

**Short below 21055 for 21014 – 20966 – 20838 , SL 21143

** These levels have been updated as there was a error previously

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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.