The BankNifty trend for March 6, 2023 is sideways to positive. Traders should look for confirmation of this trend by ensuring that prices stay above 41082.28. If the price crosses above 41390.15, traders should take advantage of the trade condition to aim for targets of 41567.29, 41717.19, and 41867.08.
However, if the price falls below 41382.08, traders should watch for the pullback condition and aim for the pullback target of 41082.28. If the price falls below this level, traders should be cautious as it indicates a trend failure. The failure targets would be 40605.35, 40597.28, and 40297.48.
The resistances for BankNifty for March 6, 2023 are at 41382.08, 41567.29, and 41867.08. Meanwhile, the supports for the day are at 40782.49, 40597.28, and 40297.48.
The sell zone for March 6, 2023 is at 41382.08-41390.15 (1.09X), and the pivot zone is at 40997.75-41166.82 (1.65X). The buy zone is at 40605.35-40782.49 (2.66X).
The sideways rank for the day is 3 (170%). As for the previous close, it was at 41251.35 (861.55).
Traders can also use the Camarilla levels for BankNifty on March 6, 2023: 41467.17(H3), 41682.99(H4), 42048.64(H5), 41035.53(L3), 40819.71(L4), and 40454.06(L5). Fibonacci retracements are at 41390.15 (0%), 41204.94 (23.6%), 41090.36 (38.2%), 40997.75 (50%), 40905.14 (61.8%), 40773.3 (78.6%), and 40605.35 (100%). Fibonacci extension is at 41390.15 (0%), 41575.36 (23.6%), 41689.94 (38.2%), 41782.55 (50%), 41875.16 (61.8%), 42007 (78.6%), and 42174.95 (100%).
Disclaimer: These are only suggestive technical rules that have been found to work well over time in the market. These are not any trading or investing recommendations. We suggest you to take advice from certified experts for trading and investing. Neither PickMyStox nor any of its associates are responsible for any trading or investing loss.
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