Bank Nifty spot opened at 21960.65 and made a low of 21900.30 , it went up till 22093.25 before closing at 22054.70.
Had mentioned that long position can be taken above 21908 and short positions can be taken below 21807 for the day . Bank Nifty triggered our long trade and completed all our daily targets giving 150 points. Bank Nifty also completed all our weekly long targets giving around 350+ points from the weekly long trade
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 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 a consecutive close above 21805 and now Nifty needs to give a consecutive close above 9277 tomorrow to be in sync for a good move . Had mentioned in the previous post " Sustaining above this level we can expect Bank Nifty to test its next resistance at 22028 - 22187 " and today we saw a high of 22093 on sustaining above it. Those who are long from 21350 - 21400 levels in Bank Nifty should keep a strict cbsl of 21805 for their positions or look to exit their long positions once near 22185 - 22285 where it has the next immediate resistance . Those who are looking to go short on a further up move tomorrow should keep a cbsl of 22455.
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 22105 we can see a initial move till 22158 & on sustaining above 22171 we may see further move till 22266 . Similarly if Bank Nifty spot sustains below 22005 we may see a initial move on the downside till 21952 & on sustaining below 21938 we may see further move till 21843
Bank Nifty Spot Levels for the day are
Long above 22105 for 22136 – 22171 – 22266 , SL 22039
Short below 22005 for 21974 – 21938 – 21843 , SL 22070
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.