Thursday, 30 March 2017

Bank Nifty Spot Outlook for 31st March

BANK NIFTY


Bank Nifty spot opened at 21374.35 and made a low of 21331.90 , it went up till 21696 before closing at 21620.70 . Had mentioned that long positions can be taken above 21449 and short positions can be taken below 21334 for the day . 

Bank Nifty tested our short trigger for the day and immediately reversed . It then triggered and competed all our long targets for the day giving nearly 200 points from the long trade . Bank Nifty had confirmed our weekly long trade in the previous session and had completed our initial 3 targets . Today further upmove also got confirmed on sustaining above 21536 and we saw a quick upmove of 150+ points once it was done . Now only the last long target is pending . Nifty was yet to confirm its weekly long in the previous session and has today given a borderline close at its long confirmation levels a tad below its weekly long trigger price .


Now for this week Bank Nifty needs to break and sustain above 21300 for long confirmation, then we can expect a move till 21410 - 21488 levels initially and closing above 21536 we can expect the next move till 21698 - 21876 . Similarly Bank Nifty needs to break and sustain below 20945 for short confirmation then we can expect a move till 20835 - 20757 levels initially and closing below 20709 we can expect a further move till 20547 - 20369. Today Bank Nifty came close to testing our expected levels of 21698 - 21876 on sustaining above 21536 with a high of 21696. 


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 '  . For the month of March,  Bank Nifty has so far give a move of nearly 750+ points till now after breaking above our monthly long confirmation level with todays high .


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 21683 we can see a initial move till 21748 & on sustaining above 21764 we may see further move till 21882 . Similarly if Bank Nifty spot sustains below 21559 we may see a initial move on the downside till 21494 &  on sustaining below 21477 we may see further move till 21359.


Bank Nifty Spot Levels for the day are

Long above 21682 for 21721 
– 21764 – 21882 , SL 21602

Short below 21559 for 21521 – 21477 – 21359 , SL 21640

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.