Thursday, 8 March 2018

Bank Nifty Spot Outlook for 09th Mar

BANK NIFTY


Bank Nifty spot opened at 24273.90 , it made a low of 24048.55 ,  it made a high of 24534.50 before closing at 24477.65

Had mentioned that long positions can be taken above 24235 for the day and short positions can be taken below 24035.  Bank Nifty triggered our long trade and nearly completed all our targets for the day giving 300 points .  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 - 23890 ." , and Bank Nifty made a low of 24096.75 nearly achieving our next weekly short targets of 24130 - 23890 after confirming our weekly short trade in the previous session . Now for a further correction Bank Nifty needs to sustain below 24130 for a move till 23890 .

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 24545 can test 24645 - 24675 and on sustaining above it we can see a further upmove till 24760 - 24855 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24350 we can see a test of 24250 - 24225 initially and breaking and sustaining below it we can see a further correction till 24135 - 24040 next . " , and Bank Nifty made a low of 24096.25 within our next support zone . 


Had mentioned at the start of the month that " 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 . " , and today Bank Nifty made a low of 24096.75 nearly testing our initial short target below 24595 after triggering our monthly shorts in the previous session . Also as mentioned in the previous post "Now sustaining below 24055 - 23925 we can see a further correction till the next targets and holding the same we can see a small move till 24595 " and holding the same we saw today Bank Nifty make a high of 24534.50 . 

Now in the coming session Bank Nifty breaking and sustaining above 24590 can test 24710 - 24740 and on sustaining above it we can see a further upmove till 24845 - 24955 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24365 we can see a test of 24245 - 24215 initially and breaking and sustaining below it we can see a further correction till 24110 - 24000 next . 


Bank Nifty Spot Levels for the day are

Long above 24590 for 24660 
– 24740 – 24955 , SL 24440

Short below 24365 for 24295 – 24215 – 24000 , SL 24515

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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.