raghavs1ngh

BANKNIFTY analysis for 14 Mar 2019

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raghavs1ngh Updated   
NSE:BANKNIFTY   NIFTY BANK
Dotted Dark Blue Line - CPR
Dotted Light Blue Line - CPR of Previous Timeframe
Dotted Pink Line - H1,H2
Dotted Brown Line - L1,L2
Red Line - R1,R2(Standard Floor Pivots )
Green Line - S1,S2
Pink line - H3,H4,H5
Brown line - L3,L4,L5

CPR width is twice wide than the previous day, so it may be a consolidation day.

CPR of 14 is above than of 13 Mar, so overall the day will be BULLISH .

L3 and CP are very near forming a very strong support.

Trading plan:

1.) Buy the dips if CP is not breached as it is more likely that H3 or R1 is going to be touched once. Short at H2/H1(be cautious as trend is overall bullish ) and buy at L1,L2.
2.) If CP is breached, it means there will be a huge selling and L5 should be your target.
3.)If H4 is breached, H5 will be very likely to be reached.
Comment: Index traded for a long time between H1 and L1.
CPR was not breached.
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