Thursday, 5 March 2020

Bank Nifty Spot Outlook for 05th Mar

In the previous session : 



Bank Nifty went up by 97 points then went down by 1052 points before finally closing lower by 523 points on Wednesday 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 04th Mar :

Bank Nifty triggered our short trade and did 905 points. 


For 05th Mar  :

Sustaining above 28795 enter for 28880 - 28980 - 29245 , SL 28695


Sustaining below 28515 enter for 28430 - 28330 - 28065 , SL 28610



Bank Nifty has immediate resistance near 29290 - 29360 levels and sustaining above it we can see a move towards 29585 - 29640.

On the downside Bank Nifty has support at 28650 - 28415 which it had broken intraday but managed to close just near the upper end of the support. Holding this zone and sustaining above it is required for a move towards its resistance zone.


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.



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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.

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