Bank Nifty spot opened at 21539.20 and made a low of 21408.60 , it went up till 21565.45 before closing at 21547.75 . Had mentioned that long positions can be taken above 21510 and short positions can be taken below 21378 for the day .
Bank Nifty triggered our long trade and completed just 1 target for the day. Bank Nifty had outperformed the Nifty in the previous week so a bit of divergence in both the index was seen .
Now for this week Bank Nifty needs to break and sustain above 21620 for long confirmation, then we can expect a move till 21725 - 21805 levels initially and closing above 21850 we can expect the next move till 22010 - 22185 . Similarly Bank Nifty needs to break and sustain below 21270 for short confirmation then we can expect a move till 21160 - 21085 levels initially and closing below 21040 we can expect a further move till 20880 - 20705.
For the month of April we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 21805 and downtrend on a consecutive closing below 21083 ' . For the month of March, Bank Nifty gave a upmove of nearly 750+ points after breaking and sustaining above our monthly long confirmation level .
Those who are looking to enter fresh long positions on any corrections this week should keep a cbsl of 20708 for their positions .
For today if Bank Nifty spot sustains above 21612 we can see a initial move till 21680 & on sustaining above 21697 we may see further move till 21820 . Similarly if Bank Nifty spot sustains below 21484 we may see a initial move on the downside till 21415 & on sustaining below 21399 we may see further move till 21275 . Bank Nifty has immediate resistance near 21620 and above it near 21725 - 21825 zone .
Bank Nifty Spot Levels for the day are
Long above 21612 for 21651 – 21697 – 21820 , SL 21528
Short below 21484 for 21445 – 21399 – 21275 , SL 21568
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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.