Bank Nifty Spot Outlook for 05th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 26941.00 and made a low of 26928.90,  it made a high of 27076.55,  before closing at 27043.90

Had mentioned that long trade for the day will get triggered on sustaining above 26860 and short trade for the day will get triggered on sustaining below 26720 .Bank Nifty triggered our long trade with a gap up at opening and completed all our daily tarets doing 150 points .

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27235 and then enter for a initial target of 27435 - 27485 and look to hold further only on sustaining or getting a close above 27485 for the next targets of 27660 - 27850. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 26850 and then enter for a initial target of 26650 - 26600 and look to hold further only on sustaining or getting a close below 26600 for the next targets of 26430 - 26240.

For the month of March , longs will get confirmed with a consecutive close above 27165 for a initial target of 27555 - 27655 and sustaining / closing above it we can see a further test of 27995 - 28365 . Similarly , shorts will get confirmed with a consecutive close below  26415 for a initial target of 26025 - 25925 and sustaining / closing below it we can see a further move till 25585 - 25215.

Now in the coming session Bank Nifty needs to break and sustain above 27115 to test 27190 - 27210 initially and sustaining above it we can see a further upmove till 27275 - 27350. Similarly breaking and sustaining below 26970 we can see a test of 26895 - 26875 initially and sustaining below it we can see a further correction till 26810 - 26740. 

Bank Nifty Spot Levels for the day are

Long above 27115 for 27160 - 27210 - 27350 , SL 27065

Short below 26970 for 26930 - 26875 - 26740 , SL 27020

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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.