Bank Nifty spot opened at 21572.20 and made a low of 21488.90 , it went up till 21674 before closing at 21622.95 . Had mentioned that long positions can be taken above 21702 and short positions can be taken below 21600 for the day .
Bank Nifty triggered our short trade and missed our last target by 43 points and took our TSL . Bank Nifty today gave a borderline close above our weekly long confirmation level.
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. Bank Nifty had triggered our weekly long trade and missed our initial 3rd target by 25 points in the previous session . We were expecting a move till 21725 - 21805 since weekly longs were confirmed and we saw a move till 21699 in the previous session which did not get retested today . Bank Nifty will confirm its monthly long on a consecutive close above 21805 . As per weekly levels too confirmation for further upmove would come once Bank Nifty sustains above 21850 tomorrow. We should watch 21805 - 21850 zone closely for the next immediate move once we reach there . Incase Bank Nifty is unable to sustain / close above it then we may expect a correction till 21400 - 21350 levels initially where we may see some support and below it till 21220 - 21160.
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 of 20932. Those who are holding longs entered fresh in March should keep a trailing cbsl of 21390.
Those who are looking to enter fresh long positions on any corrections near 21200 levels should keep a cbsl of 21080 for their positions below which our monthly short gets triggered.
For today if Bank Nifty spot sustains above 21675 we can see a initial move till 21730 & on sustaining above 21745 we may see further move till 21840 . Similarly if Bank Nifty spot sustains below 21570 we may see a initial move on the downside till 21515 & on sustaining below 21500 we may see further move till 21405 .
Bank Nifty Spot Levels for the day are
Long above 21675 for 21705 – 21745 – 21840 , SL 21607
Short below 21570 for 21540 – 21500 – 21405 , SL 21639
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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.