NIFTY50 & BANK NIFTY VIEWS FOR 12.03.2021

 

Indian markets ended with positive note today on buying in auto and metal stocks. Nifty closed up 0.51% at 15,174. However, movement in the markets is still very confused as markets search for a definitive direction. Whereas Bank nifty end with just gaining of 72 points closed at 35938.30 (0.20%).

-         Technical View on Nifty50 & Bank Nifty on Friday: -

Major psychological support for Nifty50 is 15000 on breaking of this level will take nifty towards 14890 which is very important level. On upper side even though nifty has given positive closing but still not closed above 15200 that means this level is very important for nifty. On breaking of this strong resistance will make confirm nifty to make another high. Buy nifty only when it closes above 15200 resistance in day candle. Whereas the bank nifty has also not given any strong signal of buying if it managed to close above 36000 only then it was confirm buying signal but it closed at 35938. Hence in bank nifty 36000 is very important psychological resistance. Buy bank nifty only when it gives closing above this level in daily candle.