raghavs1ngh

BANKNIFTY Weekly Analysis 15 Mar - 21 Mar

Education
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

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.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Private Messages Chat Sign Out