Bank Nifty Outlook for 16th Mar

 In the previous session:  

Bank Nifty went up by 502 points then went down by 476 points before closing lower by 360 points on Wednesday

Bank Nifty made a new lifetime high of 44151.80 on 14th Dec 2022 from the lows of 16116.25 made on 25th March 2020

On 15th Mar:

Bank Nifty initially triggered our long trade with a gap up above our 1st target and competed our 2nd target then took our TSL. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 250 points

For 16th Mar

Sustaining above 39240 enter for 39350 - 39490 - 39830, SL 39110

Sustaining below 38860 enter for 38750 - 38620 - 38270, SL 39000

In the Previous Week: 

Bank Nifty triggered our short trade and almost completed our initial weekly short targets of 40360 - 40240 with a low of 40341.70 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its immediate resistance at 40770 - 40950 for a move towards initial long targets of 41430 - 41560. 

Sustaining or closing above 41560 Bank Nifty may move towards next long targets of 41970 - 42440

On the downside:

Bank Nifty has to sustain and close below its immediate support at 40200 - 40020 for a move towards initial short targets of 39540 - 39410

Sustaining or closing below 39410 Bank Nifty may move towards next short targets of 39000 - 38550

So far this week Bank Nifty made a high of 40690 and reversed sharply to trigger our weekly short below 40020 and completed our initial weekly short targets of 39540 - 39410 and reached our last weekly short target zone of 39000 - 38550 making a low of 38934.65 and closed at 39051.50 

Now in the coming session Bank Nifty has to break and sustain below 39000 for  move towards 38620 - 38550. On the upside Bank Nifty has immediate resistance at 39410 - 39540 which it needs to break and sustain above for a further bounce.

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

Bank Nifty has now made a high of 44151.80 on 14th Dec 2022 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 18887.60 on 01st Dec 2022 from the lows of 7511 made on 24th March 2020.

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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