Bank Nifty Spot Outlook for 24th Apr

BANK NIFTY

In the previous session Bank Nifty spot opened at 29761.95 , made a high of 29906.50 , it made a low of 29455.45 ,  before closing at 29479.70

Had mentioned that long trade for the day will get triggered on sustaining above 29805 and short trade for the day will get triggered on sustaining below 29575 .Bank Nifty initially triggered our long trade and completed just 1 target and took our TSL. It then triggered our short trade and completed nearly 2 targets on the short side .  

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30480 and then enter for a initial target of 30750 - 30820 and look to hold further only on sustaining or getting a close above 30820 for the next targets of 31050 - 31310. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29965 and then enter for a initial target of 29695 - 29625 and look to hold further only on sustaining or getting a close below 29625 for the next targets of 29395 - 29140.

Bank Nifty had triggered our weekly short trade and completed our initial targets. Today sustaining below 29625 we saw it come close to our next targets of 29395 - 29140 with a low of 29455.45. 

Also as mentioned earlier " Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels in the coming sessions for a bounce else sustaining below it we can see a further downmove towards  29525 - 29425 ." , and today Bank Nifty made a low of 29455.45 nearly completing our expected downmove.

On the upside Bank Nifty has immediate resistance near 31000 - 31075 and it needs to give a strong close above it for a further upmove towards 31500+ levels . 

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 triggered our monthly shorts earlier but Nifty did not give a sell signal and we saw Bank Nifty bounce back last week before correcting again today.

Now in the coming session Bank Nifty needs to break and sustain above 29595 to test 29710 - 29740 initially and sustaining above it we can see a further upmove till 29845 - 29955. Similarly breaking and sustaining below 29365 we can see a test of 29250 - 29220 initially and sustaining below it we can see a further correction till 29115 - 29005.

Bank Nifty Spot Levels for the day are

Long above 29595 for 29660 - 29740 - 29955 , SL 29515

Short below 29365 for 29295 - 29220 - 29005 , SL 29445

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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.