Bank Nifty Outlook for 14th Mar

 

In the previous session:

Bank Nifty went up by 186 points then went down by 440 points before closing lower by 301 points on Wednesday

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 13th Mar:

Bank Nifty triggered our short trade and completed 2 targets doing 215 points and exceeded it by another 50 points

For 14th Mar:

Sustaining above 47155 can move towards 47260 - 47385 - 47540, SL 47035

Sustaining below 46810 can move towards 46705 - 46580 - 46250, SL 46930

(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 46842.15 reaching our initial weekly short target and closed today at 46981.30 after triggering our weekly short trade earlier this week. The trailing cbsl for the weekly short trade is a hourly close above 47285

Now in the coming session Bank Nifty sustaining below 46810 can move towards 46580 - 46250. On the upside Bank Nifty sustaining above 47155 can move towards 47385 - 47540

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