Bank Nifty Spot Outlook for 12th Mar

BANK NIFTY

Bank Nifty spot opened at 24556.95 , it made a high of 24564.75 ,  it made a low of 24259.70 before closing at 24296.45

Had mentioned that long positions can be taken above 24590 for the day and short positions can be taken below 24365.  Bank Nifty triggered our short trade and completed just 1 target .  Now in this week Bank Nifty has to sustain / close above 24560 to test 24840 - 24910 initially and above it we can see a move till 25150 - 25410 . Similarly Bank Nifty has to sustain / close below 24030 to test 23755 - 23685 initially and below it we can see a move till 23445 - 23185 .

Had mentioned in the previous post " 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 . " , and Bank Nifty made a low of 24259.70 just above our initial 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 . Had mentioned in the previous posts "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 24564.75 and again correct back by nearly 300 points till 24259.70 in the previous session . 

Now in the coming session Bank Nifty breaking and sustaining above 24395 can test 24500 - 24530 and on sustaining above it we can see a further upmove till 24615 - 24715 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24195 we can see a test of 24095 - 24065 initially and breaking and sustaining below it we can see a further correction till 23975 - 23875 next . 

Bank Nifty Spot Levels for the day are

Long above 24395 for 24455 – 24530 – 24715 , SL 24265

Short below 24195 for 24135 – 24065 – 23875 , SL 24325

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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.