Monday, 5 March 2018

Bank Nifty Spot Outlook for 06th Mar

BANK NIFTY


Bank Nifty spot opened at 24831.35 , it made a low of 24682 ,  it made a high of 24873.05 before closing at 24818.70

Had mentioned that long positions can be taken above 24995 for the day and short positions can be taken below 24810.  Bank Nifty triggered our short trade and completed 2 short targets for the day  . As mentioned in the previous post " Now in this week Bank Nifty has to sustain / close above 25150 to test 25395 - 25460 initially and above it we can see a move till 25680 - 25915 . Similarly Bank Nifty has to sustain / close below 24660 to test 24410 - 24345 initially and below it we can see a move till 24130 - 23690 ." , and Bank Nifty made a low of 24682 today and did not confirm our weekly shorts .

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 24995 can test 25090 - 25115 and on sustaining above it we can see a further upmove till 25195 - 25285 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24810 we can see a test of 24715 - 24690 initially and breaking and sustaining below it we can see a further correction till 24610 - 24520 next . " , and Bank Nifty made a low of 24682 within our initial support zone and bounced back . 


Now for the month of March , Bank Nifty longs will get confirmed with a consecutive close above 25620 for a initial target of 26155 - 26295 and sustaining / closing above it we can see a further test of 26755 - 27265 . Similarly , shorts will get confirmed with a consecutive close below 24595 for a initial target of 24055 - 23925 and sustaining / closing below it we can see a further test of 23455 - 22945 . 

Now in the coming session Bank Nifty breaking and sustaining above 24910 can test 25005 - 25030 and on sustaining above it we can see a further upmove till 25110 - 25200 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24730 we can see a test of 24635 - 24610 initially and breaking and sustaining below it we can see a further correction till 24530 - 24440 next . 


Bank Nifty Spot Levels for the day are

Long above 24910 for 24965 
– 25030 – 25200 , SL 24790

Short below 24730 for 24675 – 24610 – 24440 , SL 24850

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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.