Bank Nifty Spot Outlook for 12th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 27840.10 and made a low of 27791.25,  it made a high of 28035.60,  before closing at 27966.65

Had mentioned that long trade for the day will get triggered on sustaining above 27845 and short trade for the day will get triggered on sustaining below 27675 .Bank Nifty triggered our long trade and did 180+ points . 

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 has reached near our next targets of 27995 - 28365  with a high if 28035.60  . 

Now in the coming session Bank Nifty needs to break and sustain above 28050 to test 28135 - 28155 initially and sustaining above it we can see a further upmove till 28230 - 28310. Similarly breaking and sustaining below 27885 we can see a test of 27800 - 27775 initially and sustaining below it we can see a further correction till 27705 - 27625. 

Bank Nifty Spot Levels for the day are

Long above 28050 for 28100 - 28155 - 28310 , SL 27990

Short below 27885 for 27835 - 27775 - 27625 , SL 27945

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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.