Bank Nifty Spot Outlook for 06th May

BANK NIFTY

In the previous session Bank Nifty spot opened at 29811.65, made a high of 30121.75  , it made a low of 29795.10 ,  before closing at 29954.15

Had mentioned that long trade for the day will get triggered on sustaining above 29840 and short trade for the day will get triggered on sustaining below 29575 .Bank Nifty  triggered our long trade and did 250+ points.

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30285 and then enter for a initial target of 30635 - 30720 and look to hold further only on sustaining or getting a close above 30720 for the next targets of 31020 - 31350. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29625 and then enter for a initial target of 29275 - 29190 and look to hold further only on sustaining or getting a close below 29190 for the next targets of 28885 - 28555.

Bank Nifty now has immediate support at 29525 - 29425 and it needs to hold these levels for a upmove incase of correction. 

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 May , longs will be confirmed in Bank Nifty with a consecutive close above 30505 for a initial target of 31285 - 31480 and sustaining / closing above it we can see a further move till 32155 - 32890 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29025 for a initial target of 28245 - 28050 and sustaining / closing below it we can see a further move till 27380 - 26640. 

Now in the coming session Bank Nifty needs to break and sustain above 30080 to test 30210 - 30245 initially and sustaining above it we can see a further upmove till 30360 - 30485. Similarly breaking and sustaining below 29830 we can see a test of 29700 - 29665 initially and sustaining below it we can see a further correction till 29550 - 29425.

Bank Nifty Spot Levels for the day are

Long above 30080 for 30155 - 30245 - 30485 , SL 29990

Short below 29830 for 29755 - 29665 - 29425 , SL 29915

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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.