Bank Nifty spot opened at 21521.05 and made a low of 21483.55 , it went up till 21753.35 before closing at 21736.15 . Had mentioned that long positions can be taken above 21575 and short positions can be taken below 21465 for the day .
Bank Nifty triggered our long trade today and completed all our daily long targets . Today again Bank Nifty was stronger than the Nifty and pulled the Nifty up too along with it . In the previous session Bank Nifty had closed marginally below our weekly long trigger levels and today confirmed our weekly long trade and also completed the initial 3 weekly long targets. Had mentioned in the previous post ' In the coming session if Bank Nifty breaks and sustains above 21579 then we will see it test upto 21735 levels initially ' and today Bank Nifty has closed at 21736 .Now Bank Nifty has to break and sustain above 21775 in the coming session to test 21910 - 22060 levels .
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 also mentioned in the previous post " 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 " and after reversing from our support zone of 21400 - 21350 in the previous session we saw Bank Nifty make a high of 21753 today . Now we should watch 21805 - 21850 zone for the next immediate move once we reach there .
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 21793 we can see a initial move till 21853 & on sustaining above 21869 we may see further move till 21978 . Similarly if Bank Nifty spot sustains below 21679 we may see a initial move on the downside till 21619 & on sustaining below 21604 we may see further move till 21495
Bank Nifty Spot Levels for the day are
Long above 21793 for 21828 – 21869 – 21978 , SL 21719
Short below 21679 for 21644 – 21604 – 21495 , SL 21754
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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.