Thursday, 5 March 2020

Bank Nifty Spot Outlook for 06th Mar

In the previous session : 

Bank Nifty went down by 118 points then went up by 480 points before finally closing higher by 161 points on Thursday 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 05th Mar :

Bank Nifty triggered our long trade and did 325 points. 

For 06th Mar  :

Sustaining above 28960 enter for 29045 - 29150 - 29420 , SL 28860

Sustaining below 28670 enter for 28585 - 28485 - 28210 , SL 28770

Bank Nifty has immediate resistance near 29290 - 29360 levels and sustaining above it we can see a move towards 29585 - 29640. Unable to sustain / close above the initial resistance zone of 29290 - 29360 can again see it move down.

On the downside Bank Nifty has support at 28650 - 28415 which it has broken intraday but managed to close above it till now . 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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