BANKNIFTY Weekly Analysis 15 Mar - 21 Mar

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

Pivot width:
Both CPR and Third layer are almost 1.5 times wider than previous week, indicating that the overall week likely be sideways.

Two week pivot relationship:
Both CPR and Third layer of this week is above previous week's -> BULLISH movement expected.

CPR coinciding with L3 will form a strong support/resistance depending on how the Index opens on Friday.

Trading plan:
1.) If Index opens above CPR , it will likely touch R1/H3 once. Buy the dips near CPR , as long as L3 is not breached and sustained.
2.) Since it can be a sideways market, short at H1/H2 and long at L1/L2, though i would suggest using small position size for scalping.
3.) If Index opens below CPR , it will likely touch S1 once. Buy the rips near CPR , as long as L3 is not breached and sustained.
4.) If H4 is breached and sustains, H5 will likely be reached. Similarly, for L4 and L5.


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