Bank Nifty Spot Outlook for 04th Apr

BANK NIFTY

In the previous session Bank Nifty spot opened at 30440.85, made a high of 30602.55 it then made a low of 30036.25 ,  before closing at 30093.30

Had mentioned that long trade for the day will get triggered on sustaining above 30460 and short trade for the day will get triggered on sustaining below 30245 .Bank Nifty initially triggered our long trade at opening and did 2 targets. It then reversed to trigger our short trade and again did 2 targets . Bank had been showing some indecisiveness this week in moving up strongly  . 

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.

Today Bank Nifty has confirmed our weekly short trade and sustaining below 30145 in the coming session is required to test the initial weekly short targets.

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 30205 to test 30325 - 30355 initially and sustaining above it we can see a further upmove till 30455 - 30570. Similarly breaking and sustaining below 29980 we can see a test of 29860 - 29830 initially and sustaining below it we can see a further correction till 29730 - 29615.

Bank Nifty Spot Levels for the day are

Long above 30205 for 30275 - 30355 - 30570 , SL 30125

Short below 29980 for 29910 - 29830 - 29615 , SL 30060

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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.