Bank Nifty Spot Outlook for 13th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 28168.20 and made a low of 28142.25,  it made a high of 28488.10,  before closing at 28443.70

Had mentioned that long trade for the day will get triggered on sustaining above 28050 and short trade for the day will get triggered on sustaining below 27885 .Bank Nifty triggered our long trade with a gap up and further gained 325+ 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.

And Bank Nifty triggered our weekly long trade and today reached our next targets of 28475 - 28695 with a high of 28488.10

Now Bank Nifty has immediate resistance at 28475 - 28690 in the coming session which it needs to break and sustain for a further upmove towards 28790 - 28890. 

Bank Nifty has immediate support at 28120 - 28050 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 completed all our targets with a high of 28488.10 .

Now in the coming session Bank Nifty needs to break and sustain above 28525 to test 28615 - 28635 initially and sustaining above it we can see a further upmove till 28710 - 28795. Similarly breaking and sustaining below 28360 we can see a test of 28275 - 28250 initially and sustaining below it we can see a further correction till 28175 - 28095. 

Bank Nifty Spot Levels for the day are

Long above 28525 for 28575 - 28635 - 28795 , SL 28470

Short below 28360 for 28310 - 28250 - 28095 , SL 28420

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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.