Weekly Spot Outlook Of Bank Nifty for 30th Mar to 03rd Apr

In the previous week : 

Bank Nifty went down by 4201 points then went up by 1145 points before finally ending the week lower by 349 points compared to its last weekly closing. 

Bank Nifty triggered our short trade as per levels given last week and completed all the targets doing 3614 points . Post that it bounced back to trigger our long trade and again did 550 points before taking its trailing stoploss for the long trade.

Bank Nifty had made a life time high of 32613.10 on 30th December and has been trading sideways to negative since then .

Bank Nifty for this week :

• Sustaining above 20890 enter for 21460 - 21925 - 22385 

• Further sustaining above 23040 enter for 23440 - 24800 - 26290

• Sustaining below 19045 enter for 18475 - 18015 - 17555

• Further sustaining below 16900 enter for 16500 - 15140 - 13650

How to use these levels  

• For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets

For the month of March had mentioned that  :

• Bank Nifty longs will get confirmed with a consecutive close above 29880 for a initial target of 30650 - 30850 and sustaining / closing above 30850 we can see a further move till 31515 - 32245 .  

• Bank Nifty shorts will get confirmed with a consecutive close below 28415 for  a initial target of 27645 - 27445 and sustaining / closing below 27445 we can see a further move till 26780 - 26050.

Bank Nifty triggered our short trade and completed all targets doing 2400 points and exceeded it further by nearly 7375 points due to the global sell off in all markets due to the "corona virus" being declared a pandemic by WHO.

We are now in a sell on rise bear markets . A lot of good quality stocks will be available at a good prices for those who are looking to invest for long term.

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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.