Bank Nifty spot opened at 21706.05 and made a high of 21947 , it went down till 21634.15 before closing at 21671.85 . Had mentioned that long positions can be taken above 21691 and short positions can be taken below 21604 for the day .
Bank Nifty triggered our long trade and completed all our daily targets . It also confirmed our weekly long trade and completed our initial 3 targets . Further upmove was to get confirmed on breaking and sustaining above 21995 and the trigger level was 21955 . Bank Nifty made a high of 21947 and reversed . There was a short trade available here with a SL of 21995 for swing traders .
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 . Today we saw Bank Nifty test our initial resistance level of 21900 - 21955 with a high of 21947 .
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 21714 we can see a initial move till 21759 & on sustaining above 21770 we may see further move till 21851 . Similarly if Bank Nifty spot sustains below 21630 we may see a initial move on the downside till 21585 & on sustaining below 21574 we may see further move till 21493
Bank Nifty Spot Levels for the day are
Long above 21714 for 21740 – 21770 – 21851 , SL 21659
Short below 21630 for 21604 – 21574 – 21493 , SL 21685
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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.