Bank Nifty Spot Outlook for 03rd March

BANK NIFTY

Bank Nifty spot opened at 20885 and made a high of 20905  , then went down till 20516.90 before closing at 20560.05 . Had  mentioned that long positions can be taken above 20842 and short positions can be taken below 20725 for the day .  

Bank Nifty triggered our long trade by opening above our 1st target and reversed taking our TSL . It then triggered our short target and completed all our targets for the day giving nearly  200 points form the short trade .  Bank Nifty had triggered our weekly short trade in the previous session and has nearly completed 7 targets giving around 280 points . Further shorts are confirmed on sustaining / closing below 20609 and we have closed well below it and only our last short target for the week is pending now .

Now for this week Bank Nifty needs to break and sustain above 20992 then we can expect a move till 21065 - 21115 levels initially and closing above 21145 we can expect the next move till 21250 - 21365 . Similarly Bank Nifty needs to break and sustain below 20760 then we can expect a move till 20690 - 20639 levels initially and closing below 20609 we can expect a further move till 20505 - 20385 . In today's session Bank Nifty made a low of 20516.90 and had also given a close below  20609 well below our level for further shorts and we may see it test our last target if sustains below it .

Have been mentioning since the beginning of the month ' For the month of March we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 20932 and downtrend on a consecutive closing below 20283 '  . In February had mentioned 19958 closing as the long confirmation level for Bank Nifty and we saw a move of 1050+ points after Bank Nifty gave a consecutive close above the monthly long confirmation level . 

As mentioned previously 'Those who are holding longs or those who are looking to enter fresh longs on any corrections this week should keep a strict cbsl of 20427 spot for their positions . Those who are holding shorts or those who are looking to enter fresh shorts on further upmove should keep a strict cbsl of 20992 spot for their positions' . Those who would have taken a short position based on the above would have gained today .

For today if Bank Nifty spot sustains above 20628 we can see a initial move till 20699 & on sustaining above 20717 we may see further move till 20845 . Similarly if Bank Nifty spot sustains below 20490 we may see a initial move on the downside till 20420 &  on sustaining below 20400 we may see further move till 20275.

Bank Nifty Spot Levels for the day are

Long above 20628 for 20670 – 20717 – 20845 , SL 20539

Short below 20490 for 20450 – 20400 – 20275 , SL 20581

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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.