Bank Nifty spot opened at 21536.20 and made a high of 21616.85 , it went down till 21397 before closing at 21431.15 . Had mentioned that long positions can be taken above 21675 and short positions can be taken below 21570 for the day .
Bank Nifty triggered our short trade and completed all our 3 short targets for the day . Bank Nifty had triggered our weekly long and we were expecting a move till 21725 - 21805 initially and Bank Nifty had made a high of 21699.30 and reversed .
Now for this week Bank Nifty needs to break and sustain above 21579 for long confirmation, then we can expect a move till 21670 - 21735 levels initially and closing above 21775 we can expect the next move till 21910 - 22060 . Similarly Bank Nifty needs to break and sustain below 21285 for short confirmation then we can expect a move till 21190 - 21125 levels initially and closing below 21085 we can expect a further move till 20950 - 20805. Bank Nifty will confirm its monthly long on a consecutive close above 21805 . Had mentioned in the previous post " We should watch 21805 - 21850 zone closely for the next immediate move once we reach there . Incase Bank Nifty is unable to sustain / close above it then we may expect a correction till 21400 - 21350 levels initially where we may see some support and below it till 21220 - 21160 " , we saw Bank Nifty make a low of 21397 and reverse from the support zone of 21400 - 21350 . Now in the coming session we may see further correction once Bank Nifty breaks and sustains below 21400 - 21350 zone till 21220 - 21160 and holding the same we should see a retest of 20700 levels .
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 of 20932.
Those who are looking to enter fresh long positions on any corrections near 21200 - 21160 levels should keep a cbsl of 21080 for their positions below which our monthly short gets triggered.
For today if Bank Nifty spot sustains above 21487 we can see a initial move till 21546 & on sustaining above 21561 we may see further move till 21668 . Similarly if Bank Nifty spot sustains below 21375 we may see a initial move on the downside till 21316 & on sustaining below 21301 we may see further move till 21194
Bank Nifty Spot Levels for the day are
Long above 21487 for 21522 – 21561 – 21668 , SL 21414
Short below 21375 for 21341 – 21301 – 21194 , SL 21448
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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.