Banknifty Trading Plan on eve of Likely Fed Rate Cut

Bank nifty will be in uptrend and thus one can buy at opening for a quick profit.

The U.S. Federal Reserve kept its key interest rate steady for the fifth straight time and continued to signal three rate cuts this year, but indicated that it is not in a rush to ease policy.

The Fed have said that right now they’re tolerant of the inflation that we’ve seen, they’re tolerant that the labor market strength is not going to be the impediment

Don't forget to check our bank nifty option tips and start making profit on a daily basis.

BANKNIFTY Spot View: 21/03/2024

CMP: 46310.90

Moving AVG (EMA) 20 Hour & 40 Hour: 46416 & 46575

Moving AVG (EMA) 20 Day & 40 Day: 46760 & 46631

Support & Downside Range: 46195—45826--45660

Resistance & Upside Range: 46750—47000 zone, 47375—47500 zone,

Short Term Trend Reversal Level: -- 45826

Trading View Summary:

• In today’s intraday trading session key level to watch is 46195 support after opening if this support manage to hold then we may immediate moves upside towards minimum 46750 to 47000 & maximum 47375 to 47500 spot levels as counter trend bounce of recent correction

• Now downside 45826—45660 has become a very important support to watch out.

• After opening if 46195 fail to hold than bank nifty can once again fall downside towards 45826 & below levels.

Bank Nifty Closing Guidance for 21/03/2024: CMP 46310.90
•  Bank Nifty low probability close should remain at or below 46650 spot levels.
•  Bank Nifty high probability close should remain at or above 47000 spot levels.