Monday, 19 March 2018

Bank Nifty Spot Outlook for 20th Mar

BANK NIFTY


Bank Nifty spot opened at 24530.15 , it made a high of 24588.05 ,  it made a low of 24186.95 before closing at 24245.10

Had mentioned that long positions can be taken above 24590 for the day and short positions can be taken below 24390 .  Bank Nifty triggered our short trade and  completed 2 targets giving nearly 150+ points  . Had mentioned in the previous post " 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 ." , and today Bank Nifty made a low of 24186.95 but managed to close above 24225 . In the coming session if Bank Nifty sustains below 24225 then we can expect a test of the initial targets .

Had mentioned in the previous post " 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 . " , and Bank Nifty made a low of 24186.95  just above 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 Bank Nifty has so far made a low of 24048.55 testing our initial short target below 24595 after triggering our monthly shorts . 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 24340 can test 24440 - 24465 and on sustaining above it we can see a further upmove till 24550 - 24645 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24150 we can see a test of 24050 - 24025 initially and breaking and sustaining below it we can see a further correction till 23940 - 23850 next . 


Bank Nifty Spot Levels for the day are

Long above 24340 for 24395 
– 24465 – 24645 , SL 24215

Short below 24150 for 24095 – 24025 – 23850 , SL 24275

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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.