Bank Nifty Spot Outlook for 20th Mar

BANK NIFTY

In the previous session Bank Nifty spot opened at 29702.60 and made a low of 29574.70, it made a high of 29779.75 ,  before closing at 29767.85

Had mentioned that long trade for the day will get triggered on sustaining above 29665 and short trade for the day will get triggered on sustaining below 29525 .Bank Nifty triggered our long trade and did 100 points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 29590 and then enter for a initial target of 29810 - 29865 and look to hold further only on sustaining or getting a close above 29865 for the next targets of 30055 - 30265. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29175 and then enter for a initial target of 28955 - 28895 and look to hold further only on sustaining or getting a close below 28895 for the next targets of 28705 - 28500.

Bank had triggered our weekly long trade and completed our initial target of 29810 - 29865 with a high of 29812.

Now Bank Nifty has immediate resistance at 29590 - 29720 in the coming session which it needs to break and sustain for a further upmove towards 29920 - 30250.

Bank Nifty has immediate support at 28890 - 28690 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 1400+ points after lagging for the past 2 months .

Now in the coming session Bank Nifty needs to break and sustain above 29835 to test 29905 - 29925 initially and sustaining above it we can see a further upmove till 29985 - 30055. Similarly breaking and sustaining below 29700 we can see a test of 29630 - 29610 initially and sustaining below it we can see a further correction till 29550 - 29480. 

Bank Nifty Spot Levels for the day are

Long above 29835 for 29875 - 29925 - 30055 , SL 29785

Short below 29700 for 29660 - 29610 - 29480 , SL 29750

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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.