Bank Nifty Spot Outlook for 06th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 27068.15 and made a low of 26958.10,  it made a high of 27580.75,  before closing at 27554.05

Had mentioned that long trade for the day will get triggered on sustaining above 27115 and short trade for the day will get triggered on sustaining below 26970 .Bank Nifty initially triggered our short trade but could not sustain and reversed to take our stoploss. It then triggered our long trade and did 470 points as it also triggered our weekly long trade .

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. 

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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.

Now in the coming session as long as Bank Nifty is sustaining above 27435 we can see a test of 27660 - 27850 next . Incase it breaks below 27435 then we may see a test of 27165 - 27235 where fresh long can be initiated again with a cbsl of 27100

Also as mentioned " 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." , and today Bank Nifty broke strongly above 27165 and completed our initial target of 27555 - 27655 with a high of 27580.75. Now as long as Bank Nifty holds 27165 on a correction in the coming session we can look to stay long .

Now in the coming session Bank Nifty needs to break and sustain above 27645 to test 27745 - 27770 initially and sustaining above it we can see a further upmove till 27855 - 27945. Similarly breaking and sustaining below 27460 we can see a test of 27365 - 27340 initially and sustaining below it we can see a further correction till 27255 - 27165. 

Bank Nifty Spot Levels for the day are

Long above 27645 for 27705 - 27770 - 27945 , SL 27580

Short below 27460 for 27405 - 27340 - 27165 , SL 27525

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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.