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BANKNIFTY analysis for 13 Mar 2019

NSE:BANKNIFTY   NIFTY BANK
Dotted Blue Line - CPR
Dotted Pink Line - H1,H2
Dotted Brown Line - L1,L2
Red Line - R1,R2(Standard Floor Pivots )
Green Line - S1,S2


CPR (13 MAR) is way above CPR (12 MAR). BULLISH day ahead.

Since CPR is way wide, it appears that today will be a sideways market.

CPR overlaps with L1 and L2, meaning CPR becoming a very strong support.

Trading plan:
1) If low of CPR (28315) is broken, there will be a huge selling pressure. It may go up to S2.

2.) Since CPR is wide, I believe Index will move between H1,H2 and L1,L2. SHORT @ H2/H1 and LONG @ L2,L1.

3.) If H3 breaks out, it may test H4. if H4 is broken, H5 will be sure to be reached within the day.

Mar 12
Comment: CPR may provide a great opportunity to buy the dips, as H1 is likely to be touched once.
Mar 13
Comment: Wow,instead of sideways, it went trending.
H5 REACHED!!!
CPR never broken.
If you had a long position, i 'll recommend booking profits( atleast some parts of your position) as it is unlikely it will go any further above from here.May go sideways now.
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