Bank Nifty Spot Outlook for 19th Mar

BANK NIFTY

Bank Nifty spot opened at 24753.65 , it made a high of 24785.35 ,  it made a low of 24439.15 before closing at 24489.55

Had mentioned that long positions can be taken above 24890 for the day and short positions can be taken below 24695.  Bank Nifty triggered our short trade and nearly completed all our targets giving 200+ points  . Now in this week Bank Nifty has to sustain / close above 24755 to test 25040 - 25110 initially and above it we can see a move till 25350 - 25615 . Similarly Bank Nifty has to sustain / close below 24225 to test 23940 - 23870 initially and below it we can see a move till 23630 - 23365 .

Had mentioned in the previous post " Now in the coming session Bank Nifty breaking and sustaining above 24890 can test 24990 - 25015 and on sustaining above it we can see a further upmove till 25100 - 25195 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24695 we can see a test of 24595 - 24570 initially and breaking and sustaining below it we can see a further correction till 24485 - 24385 next . " , and Bank Nifty made a low of 24439.15  within our next support zone and also closed near it .

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 support near 24055 - 23925 zone in the coming sessions which once broken and sustained can take us to our next targets .

Now in the coming session Bank Nifty breaking and sustaining above 24590 can test 24695 - 24725 and on sustaining above it we can see a further upmove till 24815 - 24915 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24390 we can see a test of 24285 - 24255 initially and breaking and sustaining below it we can see a further correction till 24165 - 24065 next . 

Bank Nifty Spot Levels for the day are

Long above 24590 for 24655 – 24725 – 24915 , SL 24460

Short below 24390 for 24325 – 24255 – 24065 , SL 24520

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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.