Bank Nifty Outlook for 12th Mar

 

In the previous session:

Bank Nifty went up by 18 points then went down by 605 points before closing lower by 508 points on Monday

Bank Nifty made a new lifetime high of 48636.45 on 27th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 11th Mar:

Bank Nifty triggered our short trade and completed 2 targets doing 230 point and corrected further by another 200 points but missed our last target

For 12th Mar:

Sustaining above 47520 can move towards 47635 - 47770 - 47940, SL 47385

Sustaining below 47140 can move towards 47020 - 46890 - 46720, SL 47230

(One should ideally look to exit near the 2nd target once the trade is triggered)

In the Previous Week: 

Bank Nifty triggered our weekly long trade sustaining/closing above 47790 but failed to complete any targets and went sideways

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 48125 - 48300 to move towards its initial weekly long targets of 48790 - 48915

Closing above 48915 Bank Nifty may move towards its last weekly long targets of 49330 - 49800

On the downside:

Bank Nifty has to sustain and close below its weekly support at 47550 - 47370 to move towards its initial weekly short targets of 46880 - 46750

Closing below 46750 Bank Nifty may move towards its last weekly short targets of 46340 - 45870

So far this week Bank Nifty has made a low of 47230.65 and closed at 47327.85 triggering our weekly short trade. The cbsl for the weekly short trade is 47690.

Now in the coming session Bank Nifty sustaining below 47370 can move towards 46880 - 46750. On the upside Bank Nifty sustaining above 47520 can move towards 47770 - 47860

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

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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 decision