Monday 18 March 2024

Bank Nifty Outlook for 19th Mar

 

In the previous session:

Bank Nifty went down by 572 points then went up by 145 points before closing lower by 18 points on Monday

Bank Nifty made a new lifetime high of 48636.45 on 27th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 18th Mar:

Bank Nifty initially triggered our short trade and completed all targets doing 250 points and exceeded it by 200+ points

For 19th Mar:

Sustaining above 46665 can move towards 46720 - 46785 - 46950, SL 46600

Sustaining below 46485 can move towards 46430 - 46365 - 46200, SL 46550

(One should ideally look to exit near the 2nd target once the trade is triggered)

In the Previous Week: 

Bank Nifty triggered our weekly short trade closing above 47370 and reached our last weekly short targets of 46340 - 45870 with a low of 46310.50 doing 1000 points


Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 46750 - 46850 to move towards its initial weekly long targets of 47110 - 47180

Closing above 47180 Bank Nifty may move towards its last weekly long targets of 47400 - 47530

On the downside:

Bank Nifty has to sustain and close below its weekly support at 46440 - 46340 to move towards its initial weekly short targets of 46080 - 46000

Closing below 46000 Bank Nifty may move towards its last weekly short targets of 45790 - 45660

So far this week Bank Nifty almost completed our initial weekly short targets till 46080 - 46000 with a low of 46022.15 on sustaining below 46340 but recovered well to make a high of 46739.25 almost reaching our weekly resistance zone and closed flat at 46575.90.

Now in the coming session Bank Nifty sustaining above 46665 can move towards 46785 - 46950. On the downside Bank Nifty sustaining below 46485 can move towards 46365 - 46200. Need a confirmation above the weekly level on either side for a good move.



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

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


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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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 decision

Nifty Outlook for 19th Mar

 In the previous session:

Nifty went down by 107 points then went up by 100 points before closing higher by 32 points on Monday 

Nifty made a new lifetime high of 22526.60 on 11th Mar 2024 from the lows of 7511.10 made on 24th March 2020

On 18th Mar:

Nifty triggered our short trade and almost completed 2 targets doing 55 points and took our TSL. Post that Nifty reversed to trigger our long trade and completed just 1 target doing 30 points . It was a sideways day. 

For 19th Mar:

Sustaining above 22110 can move towards 22140 - 22180 - 22230, SL 22070

Sustaining below 22000 can move towards 21970 - 21930 - 21880, SL 22040

(One should ideally look to exit near the 2nd target once a trade is triggered)

In the Previous Week: 

Nifty triggered our short trade closing below 22340 and almost completed all targets till 22000 - 21850 with a low of 21905.65 doing 400+ points 

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 22110 - 22170 to move towards its initial weekly long targets of 22315 - 22355

Closing above 22355 Nifty may move towards its last weekly long targets of 22480 - 22550


On the downside:

Nifty has to sustain and close below its weekly support at 21935 - 21880 to move towards its initial weekly short targets of 21730 - 21690

Closing below 21690 Nifty may move towards its last weekly short targets of 21570 - 21500

So far this week Nifty has started sideways first testing our weekly support zone of 21935 - 21880 with a low of 21916.55 and then testing our weekly resistance zone of 22110 - 22170 with a high of 22123.70

Now in the coming session Nifty sustaining above 22110 can move towards 22180 - 22230 where it can face good resistance. On the downside Nifty sustaining below 22000 can move towards 21930 - 21880 where it may take support. Avoid staying long on a close below 21850.




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

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: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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