Bank Nifty spot opened at 21602.20 and made a low of 21499.75 , it went up till 21699.30 before closing at 21652.70 . Had mentioned that long positions can be taken above 21612 and short positions can be taken below 21484 for the day .
Bank Nifty triggered our long trade and completed 2 targets for the day. Bank Nifty also triggered our weekly longs and missed our initial 3rd target by 25 points .
Now for this week Bank Nifty needs to break and sustain above 21620 for long confirmation, then we can expect a move till 21725 - 21805 levels initially and closing above 21850 we can expect the next move till 22010 - 22185 . Similarly Bank Nifty needs to break and sustain below 21270 for short confirmation then we can expect a move till 21160 - 21085 levels initially and closing below 21040 we can expect a further move till 20880 - 20705. Today Bank Nifty triggered our weekly long trade and missed our initial 3rd target by 25 points. We were expecting a move till 21725 - 21805 once weekly longs were confirmed and we might see it get tested tomorrow . Bank Nifty will confirm its monthly long on a consecutive close above 21805 . As per weekly levels too confirmation for further upmove would come once Bank Nifty sustains above 21850 tomorrow. Also we have our RBI policy meet outcome too tomorrow and a majority are expecting status quo on the rates , so any change might see a reaction. We should watch 21805 - 21850 zone closely for the next immediate move once we reach there .
For the month of April we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 21805 and downtrend on a consecutive closing below 21083 ' . For the month of March, Bank Nifty gave a upmove of nearly 750+ points after breaking and sustaining above our monthly long confirmation level .
Those who are looking to enter fresh long positions on any corrections this week should keep a cbsl of 20708 for their positions .
For today if Bank Nifty spot sustains above 21702 we can see a initial move till 21755 & on sustaining above 21770 we may see further move till 21860 . Similarly if Bank Nifty spot sustains below 21600 we may see a initial move on the downside till 21550 & on sustaining below 21535 we may see further move till 21445 .
Bank Nifty Spot Levels for the day are
Long above 21702 for 21735 – 21770 – 21860 , SL 21637
Short below 21600 for 21570 – 21535 – 21445 , SL 21668
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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.