8 Mar - 14 Mar Weekly Bank Nifty analysis

First attempt

Disclaimer: The lines are drawn as estimate...use pivot calculators online to get exact pivot points

Let's go one by one:

Two week CPR (Central Pivot Range) relationship :
Green shows previous week's CPR and Blue show's this week's CPR . As you can clearly see, the two CPR's relationship is clearly bullish , as this week's CPR is
way above previous week's CPR .

View : Bullish

This week's CPR is quite wide so markets will consolidate before moving up..most probably.

To trade sideways market, i have drawn Camarilla pivots (PINK) H1,H2,L1,L2 as the index will probably trade within these pivots .

RED shows the R1 of the week.

Trading plan:

1.) If index goes beyond R1 and uses it as support, it will have strong bullish movement.
2.) If index gets rejected at R1, it's probably going to CPR and bounce back. Since two week relationship is extremely bullish , every time CPR is touched, it will be great opportunity to go long.
3.) If index goes below 27372, there will be a huge selling pressure and will test the supports at bottom. But since two week relationship is extremely bullish , it is very unlikely.

Constructive criticism appreciated.

See you next week.

Comment: Today, index traded between H1 and L1.
It may touch around 28070 till next Thursday..
Trade closed: target reached: BankNifty way beyond 28070..!!!

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