Sunday, 8 March 2020

Bank Nifty Spot Outlook for 09th Mar

In the previous session : 

Bank Nifty went down by 1653 points before closing lower by 1014 points on Friday 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 06th Mar :

Bank Nifty triggered our short trade with a big gap down and did not give a chance to enter . 

For 09th Mar  :

Sustaining above 27970 enter for 28070 - 28190 - 28500 , SL 27850

Sustaining below 27635 enter for 27535 - 27415 - 27100 , SL 27750

Bank Nifty has immediate resistance near 27945 - 28240 levels and above it next resistance near 28710 - 28820. 

On the downside Bank Nifty has immediate support at 27360 - 27160 and below it next support near 26900 - 26720 from where we may see a bounce.

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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