Bank Nifty Spot Outlook for 31st Mar

In the previous session : 

Bank Nifty went down by 1300 points before closing lower by 1186 points on Monday compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 

On 30th Mar :

Bank Nifty triggered our short trade and did 731 points . 

For 31st Mar  :

Sustaining above 19320 enter for 19655 - 20035 - 21060 , SL 18945

Sustaining below 18245 enter for 17915 - 17530 - 16505 , SL 18615

Bank Nifty has broken multiple supports on the downside and has made a low of 16116.25 so far. 

Bank Nifty moved up till its resistance of 20935 - 21265 and made a high of 21462.40 in the bounce from 16116 on Friday. 

Now Bank Nifty needs to break and sustain above 20300 - 20500 for a upmove towards 21280 - 21460.

Bank Nifty broke its support at 19400 - 19620 and we saw a move till 18650 - 18810 with a low of 18668.70 today. Now breaking below 18460 - 18650 we can see a further correction towards 17550 - 17225 and holding the same we can a bounce back towards 19400 - 19620 initially.

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

• Bank Nifty longs will get confirmed with a consecutive close above 29880 for a initial target of 30650 - 30850 and sustaining / closing above 30850 we can see a further move till 31515 - 32245 .  

• Bank Nifty shorts will get confirmed with a consecutive close below 28415 for  a initial target of 27645 - 27445 and sustaining / closing below 27445 we can see a further move till 26780 - 26050.

Bank Nifty triggered our monthly short trade and completed all our short targets for the month and exceeded it with a low of 16116.25 falling a massive 12100+ points .

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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.