Sunday, 22 March 2020

Bank Nifty Spot Outlook for 23rd Mar

In the previous session : 

Bank Nifty went down by 819 points then went up by 841 points before closing higher by 234 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 20th Mar :

Bank Nifty initially triggered our short trade and completed 2 targets doing 485 before taking our TSL. Pos that Bank Nifty triggered our long trade completed 2 targets doing 510 points. 

For 23rd Mar  :

Sustaining above 20675 enter for 20895 - 21150 - 21830 , SL 20425

Sustaining below 19960 enter for 19740 - 19485 - 18805 , SL 20210

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 18675.65 . 

Bank Nifty now has immediate resistance at 20900 - 21265 zone above which the next resistance is near 21850 - 22265 .

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 18675.65 doing 9700+ 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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