Bank Nifty Spot Outlook for 10th Apr

BANK NIFTY

In the previous session Bank Nifty spot opened at 29901.50 , made a low of 29703.55 , it made a high of 30165.05 ,  before closing at 30113.85

Had mentioned that long trade for the day will get triggered on sustaining above 29925 and short trade for the day will get triggered on sustaining below 29765 .Bank Nifty initially triggered our short trade and completed 1 target and took our TSL . It then triggered our long trade and completed all our targets giving 200+ points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30350 and then enter for a initial target of 30635 - 30705 and look to hold further only on sustaining or getting a close above 30705 for the next targets of 30945 - 31215. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29820 and then enter for a initial target of 29535 - 29465 and look to hold further only on sustaining or getting a close below 29465 for the next targets of 29225 - 28955.

Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels in the coming session for a bounce else sustaining below it we can see a further downmove towards  29525 - 29425 .

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. 

Bank Nifty had given a borderline close below our monthly short confirmation levels and we needed a consecutive close which it has failed to give. 

Now in the coming session Bank Nifty needs to break and sustain above 30200 to test 30285 - 30310 initially and sustaining above it we can see a further upmove till 30385 - 30470. Similarly breaking and sustaining below 30030 we can see a test of 29940 - 29920 initially and sustaining below it we can see a further correction till 29840 - 29760.

Bank Nifty Spot Levels for the day are

Long above 30200 for 30250 - 30310 - 30470 , SL 30140

Short below 30030 for 29980 - 29920 - 29760 , SL 30090

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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.