Bank Nifty Outlook for 19th Mar

 

In the previous session:

Bank Nifty went down by 572 points then went up by 145 points before closing lower by 18 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 18th Mar:

Bank Nifty initially triggered our short trade and completed all targets doing 250 points and exceeded it by 200+ points

For 19th Mar:

Sustaining above 46665 can move towards 46720 - 46785 - 46950, SL 46600

Sustaining below 46485 can move towards 46430 - 46365 - 46200, SL 46550

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

In the Previous Week: 

Bank Nifty triggered our weekly short trade closing above 47370 and reached our last weekly short targets of 46340 - 45870 with a low of 46310.50 doing 1000 points

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 46750 - 46850 to move towards its initial weekly long targets of 47110 - 47180

Closing above 47180 Bank Nifty may move towards its last weekly long targets of 47400 - 47530

On the downside:

Bank Nifty has to sustain and close below its weekly support at 46440 - 46340 to move towards its initial weekly short targets of 46080 - 46000

Closing below 46000 Bank Nifty may move towards its last weekly short targets of 45790 - 45660

So far this week Bank Nifty almost completed our initial weekly short targets till 46080 - 46000 with a low of 46022.15 on sustaining below 46340 but recovered well to make a high of 46739.25 almost reaching our weekly resistance zone and closed flat at 46575.90.

Now in the coming session Bank Nifty sustaining above 46665 can move towards 46785 - 46950. On the downside Bank Nifty sustaining below 46485 can move towards 46365 - 46200. Need a confirmation above the weekly level on either side for a good move.

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