Bank Nifty Spot Outlook for 11th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 27686.15 and made a low of 27645.40,  it made a high of 27811.35,  before closing at 27761.80

Had mentioned that long trade for the day will get triggered on sustaining above 27855 and short trade for the day will get triggered on sustaining below 27675 .Bank Nifty triggered our short trade but did not complete any target and took our stoploss. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 27985 and then enter for a initial target of 28215 - 28275 and look to hold further only on sustaining or getting a close above 28275 for the next targets of 28475 - 28695. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 27540 and then enter for a initial target of 27305 - 27245 and look to hold further only on sustaining or getting a close below 27245 for the next targets of 27045 - 26825.

Now Bank Nifty has immediate resistance at 27905 - 27985 in the coming session which it needs to break and sustain above for a further upmove towards 28215 - 28275. Bank Nifty has support near 27305 - 27245 which it needs to hold incase of correction for the upmove to resume. 

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 27845 to test 27935 - 27955 initially and sustaining above it we can see a further upmove till 28035 - 28115. Similarly breaking and sustaining below 27675 we can see a test of 27590 - 27570 initially and sustaining below it we can see a further correction till 27490 - 27410. 

Bank Nifty Spot Levels for the day are

Long above 27845 for 27895 - 27955 - 28115 , SL 27785

Short below 27675 for 27625 - 27570 - 27410 , 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.