Bank Nifty Spot Outlook for 14th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 28480.30 and made a low of 28353.65,  it made a high of 28927.70,  before closing at 28884.30

Had mentioned that long trade for the day will get triggered on sustaining above 28525 and short trade for the day will get triggered on sustaining below 28360 .Bank Nifty triggered our long trade and did 400 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 completed our targets of 28695 and also exceeded it by 200+ points .

Now Bank Nifty has immediate resistance at 28960 - 29250 in the coming session which it needs to break and sustain for a further upmove 

Bank Nifty has immediate support at 28530 - 28370 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 all our targets and has gone up further by 600 points .

Now in the coming session Bank Nifty needs to break and sustain above 28960 to test 29040 - 29060 initially and sustaining above it we can see a further upmove till 29130 - 29210. Similarly breaking and sustaining below 28810 we can see a test of 28730 - 28710 initially and sustaining below it we can see a further correction till 28640 - 28570. 

Bank Nifty Spot Levels for the day are

Long above 28960 for 29010 - 29060 - 29210 , SL 28905

Short below 28810 for 28760 - 28710 - 28570 , SL 28865

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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.