Bank Nifty Spot Outlook for 09th Apr

In the previous session : 

Bank Nifty went down by 580 points then went up by 1261 points before closing lower by 116 points on Wednesday 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 08th Apr :

Bank Nifty initially triggered our short trade and took our stoploss . Post that Bank Nifty triggered our long trade and did 1250 points . 

For 09th Apr  :

Sustaining above 19355 enter for 19605 - 19895 - 20670 , SL 19070

Sustaining below 18540 enter for 18290 - 18000 - 17225 , SL 18820

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 16116.25 . 

Had mentioned previously that " Bank Nifty sustaining above 18055 - 18555 now can move towards 19930 - 20275." , and we saw Bank Nifty make a high of 20324.10 on sustaining above it now.

Bank Nifty has immediate support at 18055 - 18555 zone and sustaining / closing below it the next support is at 16645 - 15945 zone . 

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.