BankNifty Pivot Points and Important Levels for 23rd September.
On 22nd September, BankNifty had the following:
Open - 37277.10
High - 37328.60
Low - 36885.60
Close - 36994.65
So, likewise the market had quite a wide CPR, as a result of which, the market was mostly fluctuating sideways. No proper trends either ways, which resulted in SL hits for both buyers and sellers.
For 23rd September:
R1 - 37258.63
R2 - 37512.61
Top CPR - 37107.1
Pivot Point - 37069.61
Bottom CPR - 37032.13
S1 - 36810.63
S2 - 36626.61
So, on 23rd we will have a slightly narrower CPR, meaning a trending day. Price can easily open above or below the CPR and start trending either upwards or downwards.
Buy CE - Only when price is above Top CPR. R1 & R2 will be the possible Take-Profit targets.
Buy PE - Only when price is below Bottom CPR. S1 & S2 will be possible Take-Profit targets.
Note: Calls are just suggestions, not absolutes, market can be hugely indifferent on the particular day. Don't take it as financial advice.
The aforementioned pivot points are absolute. Calculated by Classic Technique, it will remain constant in any timeframe. I am providing these pivots and important levels, so that you can employ these and make your trading strategy the day before.
Open - 37277.10
High - 37328.60
Low - 36885.60
Close - 36994.65
So, likewise the market had quite a wide CPR, as a result of which, the market was mostly fluctuating sideways. No proper trends either ways, which resulted in SL hits for both buyers and sellers.
For 23rd September:
R1 - 37258.63
R2 - 37512.61
Top CPR - 37107.1
Pivot Point - 37069.61
Bottom CPR - 37032.13
S1 - 36810.63
S2 - 36626.61
So, on 23rd we will have a slightly narrower CPR, meaning a trending day. Price can easily open above or below the CPR and start trending either upwards or downwards.
Buy CE - Only when price is above Top CPR. R1 & R2 will be the possible Take-Profit targets.
Buy PE - Only when price is below Bottom CPR. S1 & S2 will be possible Take-Profit targets.
Note: Calls are just suggestions, not absolutes, market can be hugely indifferent on the particular day. Don't take it as financial advice.
The aforementioned pivot points are absolute. Calculated by Classic Technique, it will remain constant in any timeframe. I am providing these pivots and important levels, so that you can employ these and make your trading strategy the day before.