Wednesday 27 March 2024

Bank Nifty Outlook for 28th Mar

 

In the previous session:

Bank Nifty went up by 355 points before closing higher by 185 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 27th Mar:

Bank Nifty triggered our long trade and completed all targets doing 260 points

For 28th Mar:

Sustaining above 46865 can move towards 46915 - 46970 - 47120, SL 46810

Sustaining below 46705 can move towards 46660 - 46600 - 46450, SL 46760

(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 below 46340 and almost reached our last weekly short targets of 45790 - 45660 with a low of 45828.80 doing 500+ points


Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 46990 - 47070 to move towards its initial weekly long targets of 47280 - 47335

Closing above 47335 Bank Nifty may move towards its last weekly long targets of 47520 - 47720

On the downside:

Bank Nifty has to sustain and close below its weekly support at 46740 - 46660 to move towards its initial weekly short targets of 46450 - 46390

Closing below 46390 Bank Nifty may move towards its last weekly short targets of 46210 - 46000

So far this week Bank Nifty made a low of 46529.05 breaking below our weekly support zone of 46740 - 46660 and bounced till 46956.10 and closed at 46785.95 after triggering our weekly short trade. The cbsl for the short trade is 46800 which was saved today. Tomorrow is the last trading day for this truncated week and we will follow a cbsl of 46865 on 15 mins 

Now in the coming session Bank Nifty sustaining below 46705 can move towards 46600 - 46450. On the upside Bank Nifty sustaining above 46865 can move towards 46970 - 47120



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

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              


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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

Nifty Outlook for 28th Mar

 In the previous session:

Nifty went up by 188 points before closing higher by 118 points on Wednesday 

Nifty made a new lifetime high of 22526.60 on 11th Mar 2024 from the lows of 7511.10 made on 24th March 2020

On 27th Mar:

Nifty triggered our long trade and completed 2 targets doing 85 points and went up further by 43 points

For 28th Mar:

Sustaining above 22175 can move towards 22205 - 22240 - 22310, SL 22140

Sustaining below 22075 can move towards 22045 - 22000 - 21940, SL 22110

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

In the Previous Week: 

Nifty triggered our short trade closing below 21880 and almost completed our initial targets till 21730 - 21690 with a low of 21710.20 doing 150+ points 

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 22200 - 22265 to move towards its initial weekly long targets of 22435 - 22480

Closing above 22480 Nifty may move towards its last weekly long targets of 22630 - 22800


On the downside:

Nifty has to sustain and close below its weekly support at 21995 - 21930 to move towards its initial weekly short targets of 21755 - 21710

Closing below 21710 Nifty may move towards its last weekly short targets of 21560 - 21400

So far this week Nifty has made a low of 21947.55 testing our weekly support zone of 21995 - 21930 and bounced to make a high of 22193.60 and closed at 22123.60

Now in the coming session Nifty sustaining below 22075 can move towards 22000 - 21940. On the upside Nifty sustaining above 22175 can move towards 22240 - 22310 where it has strong resistance. 

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

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours.                              


To receive this post daily in your inbox, kindly register by adding your email id in the 'Subscribe to my posts' section on the top right side of the blog.


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