Saturday, 7 March 2020

Weekly Spot Outlook Of Bank Nifty for 09th to 13th Mar

In the previous week : 

Bank Nifty went up by 644 points then went down by 1985 points before finally ending the week lower by 1346 points compared to its last weekly closing. 

Bank Nifty initially triggered our weekly long trade with a big gap up and did not give a chance to enter. Bank Nifty then triggered our short trade and completed all targets doing 1760 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 28075 enter for 28240 - 28375 - 28510 

  • Further sustaining above 28705 enter for 28820 - 29220 - 29655

  • Sustaining below 27530 enter for 27365 - 27230 - 27095

  • Further sustaining below 26900 enter for 26780 - 26385 - 25950

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 has closed below 28415 and sustaining below it on Monday we can see a move towards 27645 - 27445 .

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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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