Weekly Spot Outlook Of Bank Nifty For 30th Apr to 03rd May

BANK NIFTY

This week Bank Nifty spot went up by 66 points , then went down by 788 points before finally ending the week with a loss of 210 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 30480 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29965 to confirm downtrend for the week. Bank Nifty made a high of 30289.50 and made a low of 29435.05 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 30480 to test 30750 - 30820 initially and above it further till 31050 - 31310 and Bank Nifty needs to sustain below 29965 to test 29695 - 29625 initially and below it further till 29395 - 29140 , and Bank Nifty triggered our short trade and did 525+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30365 and then enter for a initial target of 30740 - 30835 and look to hold further only on sustaining or getting a close above 30835 for the next targets of 31155 - 31505. 

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Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29660 and then enter for a initial target of 29290 - 29195 and look to hold further only on sustaining or getting a close below 29195 for the next targets of 28875 - 28520.

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 so far held its immediate support at 29850 - 29780 on closing basis this month  and last week we saw it breaking below this support zone on closing and saw it test our expected next support at 29520 - 29465 with a low of 29435.05 and bounce back.

On the upside Bank Nifty has immediate resistance near 31000 - 31075 and a strong close above it is required for a further upmove this month . 

Bank Nifty Spot Levels for the week are

Long above 30235 , Tgt 30365 - 30475 - 30585

IF Bank Nifty spot manages to get a close / sustain above 30740 then 

long again for 30835 - 31155 - 31505

Short below 29795 , Tgt 29660 - 29550 - 29445

IF Bank Nifty spot manages to get a close / sustain below 29290 then 

short again for 29195 - 28875 - 28520

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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