Monday, 2 March 2020

Bank Nifty Spot Outlook for 03rd Mar

In the previous session : 

Bank Nifty went up by 644 points then went down by 575 points before finally closing lower by 279 points on Monday compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 3562 points . 

On 02nd Mar :

Bank Nifty triggered our long trade with a gap up and did all targets. Bank Nifty then reversed to trigger our short trade and did again completed all our targets giving 400+ points . 

For 03rd Mar  :

Sustaining above 29000 enter for 29085 - 29175 - 29430 , SL 28910

Sustaining below 28735 enter for 28655 - 28560 - 28305 , SL 28830

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. 

For this month :

  • Bank Nifty longs will get confirmed with a consecutive close above 29880 for a initial target of 30650 - 30850 and sustaining / closing above 30850 we can see a further move till 31515 - 32245 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 28415 for  a initial target of 27645 - 27445 and sustaining / closing below 27445 we can see a further move till 26780 - 26050.

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