Sunday, 22 March 2020

Weekly Spot Outlook Of Bank Nifty For 23rd to 27th Mar

In the previous week : 

Bank Nifty went down by 6490 points before finally ending the week lower by 4849 points compared to its last weekly closing. 

Bank Nifty triggered our short trade as per levels given last week and completed all targets doing 3270 points and further exceeded it by another 1620 points . 

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 20900 enter for 21265 - 21555 - 21850 

  • Further sustaining above 22265 enter for 22520 - 23380 - 24325

  • Sustaining below 19730 enter for 19370 - 19080 - 18785

  • Further sustaining below 18370 enter for 18120 - 17255 - 16310

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 7375 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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