Bank Nifty Spot Outlook for 15th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 29028.90 and made a high of 29070.35,  it made a low of 28819.75,  before closing at 28923.10

Had mentioned that long trade for the day will get triggered on sustaining above 28960 and short trade for the day will get triggered on sustaining below 28810 .Bank Nifty triggered our long trade with a gap up and did 2 targets. Post the opening Bank Nifty traded mostly between our long and short trigger zone indicating some indecisiveness.

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 completed our targets of 28695 and also exceeded it by 350+ 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 700 points .

Now in the coming session Bank Nifty needs to break and sustain above 28995 to test 29075 - 29095 initially and sustaining above it we can see a further upmove till 29160 - 29235. Similarly breaking and sustaining below 28850 we can see a test of 28775 - 28755 initially and sustaining below it we can see a further correction till 28685 - 28615. 

Bank Nifty Spot Levels for the day are

Long above 28995 for 29040 - 29095 - 29235 , SL 28945

Short below 28850 for 28805 - 28755 - 28615 , SL 28900

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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.