Tuesday, 31 March 2020

Bank Nifty Spot Outlook for 01st Apr

In the previous session : 

Bank Nifty went up by 684 points before closing higher by 362 points on Tuesday compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 

On 31st Mar :

Bank Nifty triggered our long trade and did only 146 points . 

For 01st Apr  :

Sustaining above 19680 enter for 20010 - 20385 - 21405 , SL 19310

Sustaining below 18610 enter for 18280 - 17900 - 16880 , SL 18980

Bank Nifty has broken multiple supports on the downside and has made a low of 16116.25 so far. 

Bank Nifty moved up till its resistance of 20935 - 21265 and made a high of 21462.40 in the bounce from 16116 on Friday. 

Now Bank Nifty needs to break and sustain above 20300 - 20500 for a upmove towards 21280 - 21460.

Bank Nifty broke its support at 19400 - 19620 and we saw a move till 18650 - 18810 with a low of 18668.70 this week . Now breaking below 18460 - 18650 we can see a further correction towards 17550 - 17225 and holding the same we can a bounce back towards 19400 - 19620 initially.

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

For this month :

  • Bank Nifty longs will get confirmed with a consecutive close above 22080 for a initial target of 23870 - 24520 and sustaining / closing above 24520 we can see a further move till 25160 - 25940 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 16200 for  a initial target of 14415 - 13770 and sustaining / closing below 13770 we can see a further move till 13130 - 12350.

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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.

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