Bank Nifty spot opened at 21700.50 and made a high of 21743.30 , it went down till 21576.75 before closing at 21647.60 . Had mentioned that long positions can be taken above 21736 and short positions can be taken below 21637 for the day .
Bank Nifty triggered our long trade and took our SL without completing any target . It then triggered our short trade and completed missed our 2nd target by 7 points . Bank Nifty and Nifty has been taking resistance near our monthly long confirmation levels .
Now for this week Bank Nifty needs to break and sustain above 21820 for long confirmation, then we can expect a move till 21900 - 21955 levels initially and closing above 21995 we can expect the next move till 22110 - 22240 . Similarly Bank Nifty needs to break and sustain below 21555 for short confirmation then we can expect a move till 21475 - 21415 levels initially and closing below 21380 we can expect a further move till 21260 - 21130. 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 .
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 21691 we can see a initial move till 21737 & on sustaining above 21749 we may see further move till 21832 . Similarly if Bank Nifty spot sustains below 21604 we may see a initial move on the downside till 21558 & on sustaining below 21546 we may see further move till 21463
Bank Nifty Spot Levels for the day are
Long above 21691 for 21718 – 21749 – 21832 , SL 21634
Short below 21604 for 21577 – 21546 – 21463 , SL 21661
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. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.
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.