BANKNIFTY analysis for 13 Mar 2019

12 mars 2019

Dotted Blue Line - CPR
Dotted Pink Line - H1,H2
Dotted Brown Line - L1,L2
Red Line - R1,R2(Standard Floor Pivots)
Green Line - S1,S2


CPR(13 MAR) is way above CPR(12 MAR). BULLISH day ahead.

Since CPR is way wide, it appears that today will be a sideways market.

CPR overlaps with L1 and L2, meaning CPR becoming a very strong support.

Trading plan:
1) If low of CPR(28315) is broken, there will be a huge selling pressure. It may go up to S2.

2.) Since CPR is wide, I believe Index will move between H1,H2 and L1,L2. SHORT @ H2/H1 and LONG @ L2,L1.[MOST LIKELY]

3.) If H3 breaks out, it may test H4. if H4 is broken, H5 will be sure to be reached within the day.

12 mars 2019

Note

CPR may provide a great opportunity to buy the dips, as H1 is likely to be touched once.

13 mars 2019

Note

Wow,instead of sideways, it went trending.
H5 REACHED!!!
CPR never broken.
If you had a long position, i 'll recommend booking profits( atleast some parts of your position) as it is unlikely it will go any further above from here.May go sideways now.