Sunday, 2 April 2017

Bank Nifty Spot Outlook for 03rd April

BANK NIFTY


Bank Nifty spot opened at 21551.85 and made a high of 21574.15 , it went down till 21414 before closing at 21444.15 . Had mentioned that long positions can be taken above 21682 and short positions can be taken below 21559 for the day . 

Bank Nifty triggered our short and completed 2 targets for the day.  Bank Nifty had confirmed our weekly long trade in the previous week and had completed 5 targets on the long side and only the last long target was pending . Bank Nifty had outperformed the Nifty as Nifty had not able to sustain above the weekly confirmation levels . 


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


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 21510 we can see a initial move till 21580 & on sustaining above 21600 we may see further move till 21725 . Similarly if Bank Nifty spot sustains below 21378 we may see a initial move on the downside till 21310 &  on sustaining below 21290 we may see further move till 21165 .


Bank Nifty Spot Levels for the day are

Long above 21510 for 21551 
– 21600 – 21725 , SL 21424

Short below 21378 for 21338 – 21290 – 21165 , SL 21465

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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.