Wednesday, 11 March 2020

Bank Nifty Spot Outlook for 12th Mar

In the previous session : 

Bank Nifty went down by 228 points before closing higher by 25 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 11th Mar :

Bank Nifty triggered our short trade but could not complete any targets . Bank Nifty reversed to trigger our long trade and completed just 1 target doing 120 points . 

For 12th Mar  :

Sustaining above 26690 enter for 26810 - 26955 - 27335 , SL 26550

Sustaining below 26285 enter for 26165 - 26025 - 25640 , SL 26425

Bank Nifty has immediate resistance near 27160 - 27360 levels and above it next resistance near 27670 - 27940. 

On the downside Bank Nifty has immediate support at 25900 - 25740 and below it we can see a test of 25000 levels . 

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.

Bank Nifty triggered our monthly short trade and completed all our short targets for the month with a low of 25923.40 giving 2350 points from it.

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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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