Wednesday, 14 March 2018

Bank Nifty Spot Outlook for 15th Mar

BANK NIFTY


Bank Nifty spot opened at 24629.65 , it made a low of 24487 ,  it made a high of 24894.30 before closing at 24851.65

Had mentioned that long positions can be taken above 24840 for the day and short positions can be taken below 24640.  Bank Nifty initially triggered our short trade and completed 2 targets for the day giving around 130 points before taking our TSL . Bank Nifty then triggered our long trade but did not complete any targets .  Had mentioned in the previous post  " 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 ." , and Bank Nifty had confirmed our weekly long trade in the previous session and today completed 4 weekly long targets .Now in the coming session Bank Nifty needs to sustain above 24840 - 24910 to again make a move towards the remaining weekly long targets 

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 24840 can test 24945 - 24970 and on sustaining above it we can see a further upmove till 25060 - 25160 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24640 we can see a test of 24535 - 24510 initially and breaking and sustaining below it we can see a further correction till 24415 - 24315 next . " , and Bank Nifty made a low of 24487  below our initial support  zone  and bounced back .


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 . Now Bank Nifty has immediate resistance near 24850 - 24950 zone in the coming sessions.

Now in the coming session Bank Nifty breaking and sustaining above 24950 can test 25055 - 25080 and on sustaining above it we can see a further upmove till 25170 - 25270 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24750 we can see a test of 24650 - 24620 initially and breaking and sustaining below it we can see a further correction till 24535 - 24435 next . 


Bank Nifty Spot Levels for the day are

Long above 24950 for 25010 
– 25080 – 25270 , SL 24820

Short below 24750 for 24690 – 24620 – 24435 , SL 24880

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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.