Category: Trade ideas

Nifty Bank Trade for tomorrow – 14.03.2023

~ Ashish Deodhar ~ Leave a comment

$NIFTYBANK.NSE has attempted for the fourth time the 39600 low. The one major difference from the last three attempts is that the selling pressure is far more intense today. Will the index bounce off this support again tomorrow or will it head downward?

On one hand, the US markets seem to be turning around. The fears of SVB contagion have been contained for now. That might offer some tailwind for $NIFTYBANK.NSE .

On the other hand, looking at purely the price action, buyers don’t appear to be anywhere in the vicinity. If the support of 39600 breaks tomorrow, we could see a further slide to 38000 – 37500.

I will back myself to go short again tomorrow if there’s any sign of weakness.

Breakout in Cummins

~ Ashish Deodhar ~ Leave a comment

After spending a significant amount of time rangebound, Cummins is trying to break out of that range with a gap up open and huge volumes. It has also made a new higher high in the process. Will it sustain that break or plunge back into the range? I am betting on the upside.