Bank Nifty spot opened at 22158.65 and made a low of 21814.90 ( printed ) , it went up till 22276.05 before closing at 22242.85
Had mentioned that long position can be taken above 22105 and short positions can be taken below 22005 for the day . Bank Nifty triggered our long trade and completed all our daily targets giving 150 points. Bank Nifty had completed all our weekly long targets in the previous session 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 confirmed its monthly long on a consecutive close above 21805 and has so far given a move of 470 points. 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 had been taking support in the range of 21350 - 21400 this month . Now both Nifty and Bank Nifty have confirmed our monthly longs though it is done in the last few days of trading for this month . 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 22276 on sustaining above it.
Had mentioned in the previous post that " 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" and today Bank Nifty made a high of 22276 giving a good exit . Bank Nifty has next resistance near 22336 - 22456 level on breaking and sustaining above 22285 . Those who are looking to go short on a further up move tomorrow should keep a strict cbsl of 22705.
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.
For today if Bank Nifty spot sustains above 22294 we can see a initial move till 22348 & on sustaining above 22362 we may see further move till 22460 . Similarly if Bank Nifty spot sustains below 22192 we may see a initial move on the downside till 22138 & on sustaining below 22124 we may see further move till 22026
Bank Nifty Spot Levels for the day are
Long above 22294 for 22326 – 22362 – 22459 , SL 22227
Short below 22192 for 22160 – 22124 – 22026 , SL 22259
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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.