Tuesday 16 March 2021

Bank Nifty Outlook for 17th Mar

 In the previous session : 

Bank Nifty went up by 222 points then went down by 438 points before closing lower by 378 points on Tuesday.


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 16th Mar:

Bank Nifty triggered our long trade and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 250 points.



For 17th Mar :

Sustaining above 34995 enter for 35110 - 35245 - 35600 , SL 34865


Sustaining below 34615 enter for 34500 - 34365 - 34000 , SL 34745



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.


Now in the coming sessions Bank Nifty has to sustain above 35550 for a test of the initial resistance zone of 35810 - 36005 and failing to sustain above 35550 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. 




Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              




To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.




















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. 

No comments:

Post a Comment