Bank Nifty spot opened at 21591.90 and made a low of 21578.65 , it went up till 21884.85 before closing at 21857.40.
Had mentioned that long position can be taken above 21588 and short positions can be taken below 21515 for the day . Bank Nifty triggered our long trade and completed all our daily targets . Bank Nifty also confirmed our weekly long trade and completed 5 targets giving around 275+ points from the long trade today.
Now for this week Bank Nifty needs to break and sustain above 21647 for long confirmation, then we can expect a move till 21707 - 21749 levels initially and closing above 21774 we can expect the next move till 21862 - 21958 . Similarly Bank Nifty needs to break and sustain below 21456 for short confirmation then we can expect a move till 21396 - 21354 levels initially and closing below 21329 we can expect a further move till 21241 - 21145. Bank Nifty tested our second resistance zone of 21862 - 21958 today with a high of 21884.85 . Bank Nifty will confirm its monthly long on a consecutive close above 21805 and will confirm its monthly short below 21083 . Further confirmation to go short last week was on sustaining below 21380 and Bank Nifty made a low of 21386.20 and reversed. Bank Nifty has been taking support in the range of 21350 - 21400 this month and breaking and sustaining below it we can expect it to test its next support at 21200 - 21160. Today Bank Nifty has given its first close above 21805 for this month and we need to see if we can get a consecutive close to stay long . Sustaining above this level we can expect Bank Nifty to test its next resistance at 22028 - 22187 .
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 up move 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 21908 we can see a initial move till 21962 & on sustaining above 21975 we may see further move till 22072 . Similarly if Bank Nifty spot sustains below 21807 we may see a initial move on the downside till 21753 & on sustaining below 21739 we may see further move till 21642
Bank Nifty Spot Levels for the day are
Long above 21908 for 21940 – 21975 – 22072 , SL 21842
Short below 21807 for 21775 – 21739 – 21642 , SL 21873
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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.