Bank Nifty spot opened at 21651.25 and made a high of 21758.85 , it went down till 21627 before closing at 21686.60 . Had mentioned that long positions can be taken above 21723 and short positions can be taken below 21610 for the day .
Bank Nifty triggered our long trade and completed just 1 target . Bank Nifty was stronger than the Nifty the previous week and even though it had confirmed our weekly long trade and completed the initial 3 targets , it has been taking resistance near our monthly long confirmation levels to go up further . We could not get a close from Nifty above its weekly long confirmation levels and it kept putting pressure on the Bank Nifty .
Now for this week Bank Nifty needs to break and sustain above 21820 for long confirmation, then we can expect a move till 21900 - 21955 levels initially and closing above 21995 we can expect the next move till 22110 - 22240 . Similarly Bank Nifty needs to break and sustain below 21555 for short confirmation then we can expect a move till 21475 - 21415 levels initially and closing below 21380 we can expect a further move till 21260 - 21130. Bank Nifty will confirm its monthly long on a consecutive close above 21805 .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 21736 we can see a initial move till 21790 & on sustaining above 21805 we may see further move till 21900 . Similarly if Bank Nifty spot sustains below 21637 we may see a initial move on the downside till 21585 & on sustaining below 21570 we may see further move till 21475
Bank Nifty Spot Levels for the day are
Long above 21736 for 21770 – 21805– 21900 , SL 21670
Short below 21637 for 21605 – 21570 – 21475 , SL 21705
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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.