Bank Nifty Spot Outlook for 02nd Apr

BANK NIFTY

In the previous session Bank Nifty spot opened at 30537.60, made a high of 30648.10, it then made a low of 30218.35 ,  before closing at 30326.50

Had mentioned that long trade for the day will get triggered on sustaining above 30535 and short trade for the day will get triggered on sustaining below 30320 .Bank Nifty initially triggered our long trade and did 100 points and then took our TSL . It then triggered our short trade and again did 100 points on the short side . Bank showed some indecisiveness today on direction . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30705 and then enter for a initial target of 31000 - 31075 and look to hold further only on sustaining or getting a close above 31075 for the next targets of 31330 - 31610. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30145 and then enter for a initial target of 29855 - 29780 and look to hold further only on sustaining or getting a close below 29780 for the next targets of 29525 - 29245.

Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels on a correction for the upmove to resume .

On the upside Bank Nifty has immediate resistance near 31000 - 31075 . 

For the month of April , longs will be confirmed in Bank Nifty with a consecutive close above 31005 for a initial target of 31615 - 31770 and sustaining / closing above it we can see a further move till 32295 - 32875 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29850 for a initial target of 29240 - 29085 and sustaining / closing below it we can see a further move till 28560 - 27980.

Now in the coming session Bank Nifty needs to break and sustain above 30435 to test 30545 - 30575 initially and sustaining above it we can see a further upmove till 30675 - 30780. Similarly breaking and sustaining below 30220 we can see a test of 30105 - 30075 initially and sustaining below it we can see a further correction till 29980 - 29875 

Bank Nifty Spot Levels for the day are

Long above 30435 for 30500 - 30575 - 30780 , SL 30360

Short below 30220 for 30155 - 30075 - 29875 , SL 30295

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.