Bank Nifty Outlook for 17th Mar

 In the previous session:  

Bank Nifty went down by 438 points then went up by 330 points before closing higher by 81 points on Thursday

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 16th Mar:

Bank Nifty initially triggered our short trade and completed 2 targets doing 240 points and took our TSL. Post that Bank Nifty reversed to trigger our long trade and completed just 1 target again doing 100 points

For 17th Mar

Sustaining above 39320 enter for 39430 - 39570 - 39920, SL 39190

Sustaining below 38940 enter for 38830 - 38690 - 38340, SL 39075

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 also almost completed our last weekly short targets of 39000 - 38550 making a low of 38613.15 and closed at 39132.60

Now in the coming session Bank Nifty has to sustain above 39000 for a move towards 39410 - 39570 where it has its immediate resistance and has to break and sustain above it for a further move towards 40000. On the downside Bank Nifty has immediate support at 38700 - 38500  and has to break and sustain below it for any further fall.

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