Sunday 12 April 2020

Bank Nifty Spot Outlook for 13th Apr

In the previous session : 



Bank Nifty went up by 3075 points before closing higher by 2664 points on Thursday 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 09th Apr :


Bank Nifty triggered our long trade and did 633 points . 


For 13th Apr  :

Sustaining above 20315 enter for 20560 - 20845 - 21610 , SL 20035


Sustaining below 19510 enter for 19265 - 18980 - 18220 , SL 19790


Bank Nifty had broken multiple supports on the downside and has made a low of 16116.25 in March. 

Bank Nifty made a high of 21462.40 in the bounce from 16116.25 which is where . 

Bank Nifty has immediate resistance at 20570 - 20975 this week and sustaining above it we can see a move towards 22080 - 22375 where it has its next resistance .

Bank Nifty has immediate support at 19260 - 18855 zone and sustaining / closing below it the next support is at 17735 - 17450 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.

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