Monday, 23 March 2020

Bank Nifty Spot Outlook for 24th Mar

In the previous session : 

Bank Nifty went down by 3526 points before closing higher by 3400 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 15822 points . 

On 23rd Mar :

Bank Nifty triggered our short trade with a big gap down below our last short target for the day and did not give a chance to enter . 

For 24th Mar  :

Sustaining above 17345 enter for 17605 - 17905 - 18715 , SL 17050

Sustaining below 16490 enter for 16230 - 15930 - 15120 , SL 16785

Bank Nifty has broken multiple supports on the downside and has made a low of 16791.05 so far. 

Bank Nifty now has immediate resistance at 18450 - 18800 zone and on sustaining / closing above it we can expect a move towards 19770 - 20020 .

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 16791.05 doing 11500+ 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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