Sunday, 26 March 2017

Weekly Spot Outlook Of Bank Nifty for 27th to 31st March

BANK NIFTY

This week Bank Nifty spot went up 27 points over last weeks close and went down by 421 points and finally ended the week with a loss of 53 points compared to last weekly closing . 


As per levels given for the previous week Bank Nifty Spot needed to break and sustain above 21303 to confirm uptrend and Bank Nifty spot needed to break and sustain below 21047 to confirm downtrend for the week. Bank Nifty made a high of 21202.55  and a low of 20753.90


This week Bank Nifty triggered our short trade and completed 5 targets giving us nearly 275+ points from the short trade . Had mentioned in the previous weekly post that ' Bank Nifty needs to sustain above 21303 to continue upmove till 21717 with resistance near 21438 - 21473 levels. Breaking and sustaining below 21047 we can see a down move till 20633 with support near 20912 - 20878 levels . 


Bank Nifty took support just near our confirmation levels to short again of 17608 in December and reversed to make a high of 21336.05 in March gaining 3700+ points till now .Now Bank Nifty needs to break and sustain or close above 21435 for the up move to continue . 


Had mentioned in the previous weekly post that 'Those who are holding longs or those who are intending to go long on a correction should keep a strict cbsl of 20896 for their positions' and we Bank Nifty take our trailing cbsl this week .Those who are looking to enter Bank Nifty longs now on corrections should keep a cbsl of 20708 .


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 . For this month we have seen Bank Nifty give a further move of 400 points after it has given a consecutive close above our monthly long levels. We are entering the expiry week of March series and it would be interesting to see where we end this month.


In the coming week Bank Nifty spot needs to break and sustain above 21300 to confirm uptrend and then one can expect a move till 21489 initially and breaking and sustaining above 21536 will give further confirmation of the next move which can take us till 21878. Similarly Bank Nifty spot needs to break and sustain below 20945 to confirm downtrend and then one can expect a move till 20757 initially and breaking and sustaining below 20709 will give further confirmation of the next move which can take us down till 20369. 


Bank Nifty Spot Levels for the week are

**Long above 21232 , Tgt 21300 - 21355 - 21410

IF Bank Nifty spot manages to get a close / sustain above 21489 then 

long again for 21536 - 21698 - 21878

**Short below 21012 , Tgt 20945 - 20890 - 20835

IF Bank Nifty spot manages to get a close / sustain below 20757 then 

short again for 20709 - 20547 - 20369


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

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 .

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.


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.