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.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.