Bank Nifty spot opened at 21735.65 and made a low of 21551.75 , it went up till 21787.10 before closing at 21666.80 . Had mentioned that long positions can be taken above 21793 and short positions can be taken below 21679 for the day .
Bank Nifty triggered our short trade today and completed 2 targets and missed our last target by 55 points . In the previous session Bank Nifty had closed above our weekly long confirmation levels and in today's correction also it reversed from above our weekly long trigger level of 21523 and went up to make a new high . Bank Nifty has today also closed near its 3rd long target of the week . We are yet to get a close from Nifty above its weekly long confirmation levels and it has been putting pressure on the Bank Nifty . Had mentioned in the previous post ' Now Bank Nifty has to break and sustain above 21775 in the coming session to test 21910 - 22060 levels ' , Bank Nifty made a high of 71787.10 but failed to sustain and immediately corrected .
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 .Now we should watch 21805 - 21850 zone for the next immediate move once we reach there . Today we have the weekly expiry too for Bank Nifty and if Nifty does not break and sustain above its weekly long confirmation levels then Bank Nifty may not be able to break and sustain above 21805 - 21850 zone and may see selling pressure .
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 21723 we can see a initial move till 21783 & on sustaining above 21798 we may see further move till 21906 . Similarly if Bank Nifty spot sustains below 21610 we may see a initial move on the downside till 21551 & on sustaining below 21536 we may see further move till 21428
Bank Nifty Spot Levels for the day are
Long above 21723 for 21758 – 21798 – 21906 , SL 21649
Short below 21610 for 21576 – 21536 – 21428 , SL 21684
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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.