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BANKNIFTY analysis for 20 Mar 2019

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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

This session, more probably than not, will see a trending move. The direction of the move will be decided by the opening candle.
There is a formation of an almost inside value relationship between the third layers, indicating a trending move.
CPR is more narrower than yesterday, also indicating a trending market.

Trading plan:
1.) If index opens above H3 and sustains for 15 minutes, it is more likely to reach H5 and beyond by the end of the day.
2.) If index opens below L3 and sustains for 15 minutes, it is more likely to reach L5 and beyond by the end of the day.
3.) If index opens between H3 and L3 and is rejected at both end, it will oscillate between these two layers.


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