Bank Nifty Outlook for 16th Mar

 In the previous session : 

Bank Nifty went up by 47 points then went down by 1065 points before closing lower by 314 points on Monday.

Bank Nifty made a new life time high of 37708.75 in this upmove from the lows of 16116.25 made on 24th March

On 15th Mar:

Bank Nifty triggered our short trade and completed all targets doing 870 points.

For 16th Mar :

Sustaining above 35370 enter for 35485 - 35615 - 35970 , SL 35240

Sustaining below 34995 enter for 34880 - 34750 - 34395 , SL 35125

Now for this week :

Bank Nifty has immediate resistance near 35810 - 36005 and sustaining or closing above we can see a further move towards 36545 - 36680 zone

Bank Nifty has immediate support near 35185 - 34985 and sustaining or closing below that we can see a move towards 34450 - 34315 zone

So far this week Bank Nifty made a low of 34430.65 testing our next support zone of 34450 - 34315 but bounced back to close at 35182.55 with our initial support zone of 35185 - 34985.

As mentioned in the previous post "Those who looking to short near 35810 - 36005 should keep a stoploss of 36165 and those who are looking to go long near 35185 - 34985 should keep a stoploss of 34830. Exit the positions once price starts sustaining above or below the stoploss." , those who entered Bank Nifty long trades would have given stoploss intraday while Bank Nifty bounced back to close above the stoploss in the last hour.

Now in the coming sessions Bank Nifty has to sustain above 35485 for a test of the initial resistance zone of 35810 - 36005 and failing to sustain above 35485 we can see a retest of the weekly low .

Overall Bank Nifty needs to give a strong or consecutive close above 36840 to regain strength .

So far Bank Nifty has made a high of 36497.35 this month.

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty has now made a high of 37708.75 on 16th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15431.75  on 16th Feb 2021 from the lows of 7511 made on 24th March 2020.

How to use these levels 

• Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

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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.