Bank Nifty spot opened at 22274.05 and made a low of 22169.80 , it went up till 22380.85 before closing at 22326.30
Had mentioned that long position can be taken above 22294 and short positions can be taken below 22192 for the day . Bank Nifty initially triggered our short trade but did not complete any target and took our SL . It then triggered our long trade and completed 2 targets for the day . Bank Nifty has 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 575 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 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" Had mentioned in the previous post "Bank Nifty has next resistance near 22336 - 22456 level on breaking and sustaining above 22285" and today Bank Nifty has tested the range with a high of 22380.85 . Those who are looking to go short on a further up move 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 22377 we can see a initial move till 22431 & on sustaining above 22445 we may see further move till 22542 . Similarly if Bank Nifty spot sustains below 22275 we may see a initial move on the downside till 22221 & on sustaining below 22208 we may see further move till 22110
Bank Nifty Spot Levels for the day are
Long above 22377 for 22409 – 22445 – 22542 , SL 22311
Short below 22275 for 22244 – 22208 – 22110 , SL 22342
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.