Bank Nifty analysis and trade plan for tomorrow, 23rd March
Bank Nifty important levels and trade plan for tomorrow, Thursday, 23rd March
In Daily time frame based on swing, Bank Nifty can be considered as correction of an uptrend, and we may expect probable move in both the directions tomorrow.
Marked the range between 40089 and 39813 as no trade zone for tomorrow, and will avoid directional trade between these two levels.
Will enter into bearish trade after bank nifty crossing the bottom of no trade zone, preferably with a price action. 39649, 39514, 39372 can be the support levels.
For upside we will have to wait for bank nifty to cross 40089 with a proper price action, 40332 and 40538 will be the resistance levels.
For any up move in morning session, we may expect a strong resistance from initial resistance levels.
Oi data is bearish, can expect resistance from 40000 level with huge OI buildup in CE side, similarly support can be expected from 39500 with considerable OI in PE side.
*Strictly a personal opinion, not at all a trade advice*
In Daily time frame based on swing, Bank Nifty can be considered as correction of an uptrend, and we may expect probable move in both the directions tomorrow.
Marked the range between 40089 and 39813 as no trade zone for tomorrow, and will avoid directional trade between these two levels.
Will enter into bearish trade after bank nifty crossing the bottom of no trade zone, preferably with a price action. 39649, 39514, 39372 can be the support levels.
For upside we will have to wait for bank nifty to cross 40089 with a proper price action, 40332 and 40538 will be the resistance levels.
For any up move in morning session, we may expect a strong resistance from initial resistance levels.
Oi data is bearish, can expect resistance from 40000 level with huge OI buildup in CE side, similarly support can be expected from 39500 with considerable OI in PE side.
*Strictly a personal opinion, not at all a trade advice*
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