Monday, 16 March 2020

Bank Nifty Spot Outlook for 17th Mar

In the previous session : 

Bank Nifty went down by 2158 points before closing lower by 2065 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 16th Mar :

Bank Nifty triggered our short trade with a gap down and completed all targets and exceeded it . 

For 17th Mar  :

Sustaining above 23500 enter for 23745 - 24030 - 24800 , SL 23225

Sustaining below 22700 enter for 22455 - 22175 - 21415 , SL 22980

Had mentioned in the previous post " On the downside Bank Nifty has immediate support at 21550 - 20850 levels. " , and Bank Nifty made a low of 21351.70 and bounce back sharply on Friday. 

Bank Nifty now has immediate resistance at 25850 - 26550 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.

Bank Nifty triggered our monthly short trade and completed all our short targets for the month and exceeded it with a low of 21351.70 doing 7000+ points .

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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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