Thursday, 7 March 2019

Bank Nifty Spot Outlook for 08th Mar

BANK NIFTY


In the previous session Bank Nifty spot opened at 27661.00 and made a low of 27560.00,  it made a high of 27815.50,  before closing at 27764.60

Had mentioned that long trade for the day will get triggered on sustaining above 27715 and short trade for the day will get triggered on sustaining below 27535 .Bank Nifty triggered our long trade and did 100 points . 

As mentioned over the weekend:-

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.

Bank Nifty today made a high of 27815.50 reaching our next target of 27660 - 27850 after giving a long signal above 27165 in the past 2 sessions giving 650 points from the weekly long trade. 

Now Bank Nifty has immediate resistance at 27850 - 27910 in the coming session which it needs to break and sustain above for a further upmove . Incase Bank Nifty takes resistance near 27850 - 27910 then we can see a correction towards 27600 - 27575 initially and on a stronger selling pressure further towards 27430 - 27350 . 

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 Bank Nifty completed our initial targets with a high of 27815.50 . 

Now in the coming session Bank Nifty needs to break and sustain above 27855 to test 27950 - 27975 initially and sustaining above it we can see a further upmove till 28055 - 28145. Similarly breaking and sustaining below 27675 we can see a test of 27580 - 27555 initially and sustaining below it we can see a further correction till 27475 - 27385. 



Bank Nifty Spot Levels for the day are

Long above 27855 for 27910 - 27975 - 28145 , SL 27795

Short below 27675 for 27620 - 27555 - 27385 , SL 27735

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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.

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