Saturday, 14 March 2020

Weekly Spot Outlook Of Bank Nifty For 16th to 20th Mar

In the previous week : 

Bank Nifty went down by 6450 points before finally ending the week lower by 2635 points compared to its last weekly closing. 

Bank Nifty had made a life time high of 32613.10 on 30th December and has been trading sideways to negative since then .

Bank Nifty for this week :

  • Sustaining above 25790 enter for 26180 - 26490 - 26805 

  • Further sustaining above 27245 enter for 27520 - 28440 - 29450

  • Sustaining below 24540 enter for 24155 - 23840 - 23530

  • Further sustaining below 23085 enter for 22815 - 21895 - 20885

How to use these levels  
  • For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets

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 short trade and completed all targets doing 2400 points and exceeded it further by nearly 4700 points due to the global sell off in all markets due to the "corona virus" being declared a pandemic by WHO.

We are now in a sell on rise bear markets . A lot of good quality stocks will be available at a good prices for those who are looking to invest for long term.

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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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