Weekly Spot Outlook of Bank Nifty for 06th to 10th March

BANK NIFTY

This week Bank Nifty spot went up 28 points and then went down by 453 points over last weeks close and finally ended the week with a loss of 381 points compared to last weekly closing . 

As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 20992 to confirm uptrend and Bank Nifty spot needed to break and sustain below 20760 to confirm downtrend for the week. Bank Nifty made a high of 20905  and a low of 20423.35

This week Bank Nifty triggered our short trade and missed our last target by 38 points giving us nearly 350 points from the short trade . Had mentioned in the previous weekly post ' Now for this week Bank Nifty needs to break and sustain below 20760 to confirm down move till 20385 levels ' and we saw Bank Nifty make a low of 20423.35 which was just below our cbsl of 20427 mentioned for longs or for those looking to enter fresh longs on correction . 

Bank Nifty took support just near our confirmation levels to short again of 17608 in December and reversed to now make a high of 21042 in February gaining 3400+ points till now .Now Bank Nifty needs to break and sustain or close above 20932 for the up move to continue . Those who are holding longs or those who are intending to go long on a correction should keep a strict cbsl of 20427 for their positions.

For the month of March we can expect uptrend in Bank Nifty spot on a consecutive close above 20932 and downtrend in Bank Nifty spot on a consecutive close below 20283. Had mentioned last month 'For the month of February we can expect uptrend in Bank Nifty spot on a consecutive close above 19958 and we can expect downtrend in Bank Nifty spot on a consecutive close below 19072' and we got nearly 1050+ points once it closed above 19958 in February . 

Had mentioned last week that 'Bank Nifty has given a further up move of 1050+ points after giving a consecutive close above our February monthly long confirmation level of 19958 and is currently near a resistance zone of 21115 - 21145 and it needs to break and sustain above this zone to move up further. Incase Bank Nifty is unable to break and sustain above this range then we may see a correction from here till 20505 - 20385 levels' .Also had mentioned last week  'The current rally is looking a bit saturated now and if Bank Nifty fails to break and sustain above the resistance zone of 21115 - 21145 then we may see a correction till the lower levels mentioned and once Bank Nifty sustains or closes below the cbsl level of 20427 then we may see a further correction till 20115 - 20030' and we saw a correction till 20423 which tested our cbsl and bounced back but closed just below 20500 .

In the coming week Bank Nifty spot needs to break and sustain above 20646 to confirm uptrend and then one can expect a move till 20806 initially and breaking and sustaining above 20846 will give further confirmation of the next move which can take us till 21135. Similarly Bank Nifty spot needs to break and sustain below 20345 to confirm downtrend and then one can expect a move till 20185 initially and breaking and sustaining below 20145 will give further confirmation of the next move which can take us down till 19857.

Bank Nifty Spot Levels for the week are

Long above 20589 , Tgt 20646 - 20693 - 20739

IF Bank Nifty spot manages to get a close / sustain above 20806 then 

long again for 20846 - 20983 - 21135

Short below 20403 , Tgt 20345 - 20298 - 20252

IF Bank Nifty spot manages to get a close / sustain below 20185 then 

short again for 20145 - 20010 - 19857

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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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.