Bank Nifty Spot Outlook for 07th Apr

In the previous session : 

Bank Nifty went up by 118 points then went down by 1065 points before closing lower by 959 points on Friday as 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 03rd Apr :

Bank Nifty triggered our short trade and did 547 points . 

For 07th Apr  :

Sustaining above 17745 enter for 18045 - 18395 - 19335 , SL 17400

Sustaining below 16755 enter for 16455 - 16105 - 15165 , SL 17100

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

Bank Nifty made a high of 21462.40 in the bounce from 16116 . 

Now Bank Nifty needs to break and sustain above 18055 - 18555 for a upmove towards 19930 - 20275.

Bank Nifty has immediate support at 16645 - 15945 and breaking below it we can see a further correction towards 14570 - 14220 .

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.