Bank Nifty spot opened at 21291.45 and made a low of 21255.75 , it went up till 21418.60 before closing at 21391.15 . Had mentioned that long positions can be taken above 21280 and short positions can be taken below 21171 for the day .
Bank Nifty triggered our long trade and missed our last target of the day by 29 points. Bank Nifty today confirmed our weekly long trade and completed our initial 3 long targets for the week . Further upmove will come now on sustaining above 21536 . Today though Bank Nifty has confirmed its weekly long and also completed its initial 3 targets , Nifty is yet to even confirm its weekly long and has also closed a tad below its weekly long trigger price .
Now for this week Bank Nifty needs to break and sustain above 21300 for long confirmation, then we can expect a move till 21410 - 21488 levels initially and closing above 21536 we can expect the next move till 21698 - 21876 . Similarly Bank Nifty needs to break and sustain below 20945 for short confirmation then we can expect a move till 20835 - 20757 levels initially and closing below 20709 we can expect a further move till 20547 - 20369. Today Bank Nifty has confirmed its weekly longs and tested the initial resistance zone of 21410 - 21488 with a high of 21418.60 . Further upmove will come only on breaking and sustaining above 21536 .
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. We are at the expiry day for March series and we can expect some swings and it would also be interesting to see where we close the month to understand the next moves for the coming financial year.
Had been mentioning that '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' and we saw the trailing cbsl being taken which were for positions entered at much lower levels . Fresh positions built after breaking above our monthly long confirmation levels should keep a cbsl of 20708 for their positions .
For today if Bank Nifty spot sustains above 21449 we can see a initial move till 21509 & on sustaining above 21525 we may see further move till 21635 . Similarly if Bank Nifty spot sustains below 21334 we may see a initial move on the downside till 21273 & on sustaining below 21258 we may see further move till 21148 .
Bank Nifty Spot Levels for the day are
Long above 21449 for 21484 – 21525 – 21635 , SL 21373
Short below 21334 for 21298 – 21258 – 21148 , SL 21409
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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.