Bank Nifty Spot Outlook for 07th May

BANK NIFTY

In the previous session Bank Nifty spot opened at 29626.50, made a high of 29757.40  , it made a low of 29528.60 ,  before closing at 29618.45

Had mentioned that long trade for the day will get triggered on sustaining above 30080 and short trade for the day will get triggered on sustaining below 29830 .Bank Nifty  triggered our short trade with a gap down and did 200+ 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 has triggered our short trade and we can see a test of 29275 - 29190 on sustaining below 29625 in the coming sessions.

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 29745 to test 29875 - 29910 initially and sustaining above it we can see a further upmove till 30020 - 30145. Similarly breaking and sustaining below 29495 we can see a test of 29365 - 29330 initially and sustaining below it we can see a further correction till 29215 - 29090.

Bank Nifty Spot Levels for the day are

Long above 29745 for 29820 - 29910 - 30145 , SL 29655

Short below 29495 for 29420 - 29330 - 29090 , SL 29580

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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.