Bank Nifty Spot Outlook for 20th March

BANK NIFTY

Bank Nifty spot opened at 21308.45 and made a high of 21336.05 , then went down till 21127.95 before closing at 21175.05 . Had mentioned that long positions can be taken above 21298 and short positions can be taken below 21202 for the day . 

Bank Nifty triggered our long trade by opening above the 1st target for the day thereby not giving a entry for the long trade . It then triggered our short trade and competed 2 targets giving around 70 points from the short trade . In the previous week Bank Nifty had triggered our weekly long trade and further upmove was expected on breaking and sustaining above 21370 - 21435 which did not take place . As per our weekly levels initial 3 targets till 21265 had got completed but further follow up did not happen . Bank Nifty had tested our previous cbsl for longs at 20427 by making a low of 20423.35 last week and has bounced back till 21336.05 till now. Those who would have taken the long trade near our cbsl have seen a up move of nearly 900+ points till now . Bank Nifty has been underperforming since the past few sessions and unless it breaks out above 21435 we wont see a test of 9300 levels on the Nifty .  

Now for this week Bank Nifty needs to break and sustain above 21303 for long confirmation, then we can expect a move till 21382 - 21438 levels initially and closing above 21473 we can expect the next move till 21589 - 21717 . Similarly Bank Nifty needs to break and sustain below 21047 for short confirmation then we can expect a move till 20968 - 20912 levels initially and closing below 20878 we can expect a further move till 20761 - 20633 . In the previous week Bank Nifty had confirmed our weekly longs and we were expecting a move again till 21265 - 21370  . Bank Nifty today made a high of 21336.05 on Friday but could not test or break out of the upper end of the expected initial range.

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 . For the month of March,  Bank Nifty has so far give a move of nearly 400+ points till now after breaking above our monthly long confirmation level. Those who are holding longs should follow the trailing cbsl levels mentioned . 

Those who are holding longs or those who are looking to enter fresh longs on a correction should keep a cbsl of 20896 spot for their positions . 

For today if Bank Nifty spot sustains above 21223 we can see a initial move till 21275 & on sustaining above 21288 we may see further move till 21380 . Similarly if Bank Nifty spot sustains below 21127 we may see a initial move on the downside till 21075 &  on sustaining below 21062 we may see further move till 20970 .

Bank Nifty Spot Levels for the day are

Long above 21223 for 21253 – 21288 – 21380 , SL 21160

Short below 21127 for 21097 – 21062 – 20970 , SL 21190

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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.