How to Trade Bank Nifty on 16 March 2021

How to Trade Bank Nifty on 16 March 2021

What Chart Says:
Bank Nifty retested the Monthly CPR zone and had a good reversal and finally ended well above the session mid showing some good strength from the bulls.

Behind the scenes:
Advance to decline ratio is around 23:27 in nifty 50
FII have pulled out 1101 Cr & DII has pulled out 749 Cr from the market
European markets closed flattish at the time of the review
SGX nifty has currently trading at -0.22% at the time of review
US Market is also trading flat at the time of review
Crude oil is down by 1.34% and at 64.72%
Gold is trading by +0.5%
US 10Yr bond is still holding on at its previous session high
Dollor index is showing signs of making higher highs

What to expect:
With the mixed reactions in the global markets the data points, we can expect a possible range bound of market even tomorrow.

How to trade today:

Possible setups:
1. GAP UP OPENING - First possible resistance is at 35545 and if it is taken out and if it acts as support then we can expect 35825 / 36014 & above levels to be tested.
2. GAP DOWN OPENING - First possible resistance is around 34972. Any of these levels acting as a strong resistance can go short with possible lower targets of 34430.
3. Flat OPENING - 35182 is the key level to watch out on flat open any support & resistance at this level we can take positions in the direction of the trend and sit for targets as marked.

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?? Each levels Act can as possible support and resistance????.

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