Bank Nifty Outlook for 22nd Mar

 

In the previous session:

Bank Nifty went up by 679 points before closing higher by 374 points on Thursday

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 21st Mar:

Bank Nifty opened with a big gap up above our last target posted yesterday. Had shared revised levels due to the gap up before market opened and based on that Bank Nifty triggered our long trade and completed all targets doing 165 points and exceeded it by 70 points. 

For 22nd Mar:

Sustaining above 46770 can move towards 46825 - 46885 - 47050, SL 46710

Sustaining below 46600 can move towards 46550 - 46485 - 46325, SL 46660

(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 reached our last weekly short targets of 45790 - 45660 after triggering our weekly short below 46340 with a low of 45828.80 and today bounced sharply to close at 46684.90 and took our cbsl for the weekly short trade at 46520.

Now in the coming session Bank Nifty sustaining above 46770 can move towards 46885 - 47050. On the downside Bank Nifty sustaining below 46600 can move towards 46485 - 46325. 

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