Bank Nifty spot opened at 21492.05 and made a low of 21396.05 , it went up till 21552.10 before closing at 21520.15 . Had mentioned that long positions can be taken above 21487 and short positions can be taken below 21375 for the day .
Bank Nifty triggered our long trade and missed our 2nd target by 10 points . Today Bank Nifty was stronger than the Nifty and has closed marginally below our weekly long trigger levels . In the coming session if Bank Nifty breaks and sustains above 21579 then we will see it test upto 21735 levels initially . Nifty came close to testing its weekly short trigger level of 9170 today and if breaks and sustains below 9153 then we may see Bank Nifty also come under pressure . Today both of them were not moving in sync and we need to see which their moves closely in the coming session.
Now for this week Bank Nifty needs to break and sustain above 21579 for long confirmation, then we can expect a move till 21670 - 21735 levels initially and closing above 21775 we can expect the next move till 21910 - 22060 . Similarly Bank Nifty needs to break and sustain below 21285 for short confirmation then we can expect a move till 21190 - 21125 levels initially and closing below 21085 we can expect a further move till 20950 - 20805. Bank Nifty will confirm its monthly long on a consecutive close above 21805 . Had mentioned in the previous post " 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 " , we saw Bank Nifty make a low of 21396.05 and reverse from the support zone of 21400 - 21350 today again for a consecutive day . Now in the coming session we may see further correction once Bank Nifty breaks and sustains below 21400 - 21350 zone till 21220 - 21160 and holding the same we should see a retest of 21700 levels .
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 looking to enter fresh long positions on any corrections near 21200 - 21160 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 21575 we can see a initial move till 21633 & on sustaining above 21647 we may see further move till 21752 . Similarly if Bank Nifty spot sustains below 21465 we may see a initial move on the downside till 21408 & on sustaining below 21393 we may see further move till 21289
Bank Nifty Spot Levels for the day are
Long above 21575 for 21609 – 21647 – 21752 , SL 21503
Short below 21465 for 21432 – 21393 – 21289 , SL 21537
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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.