Bank Nifty Spot Outlook for 16th Apr

In the previous session : 

Bank Nifty went up by 682 points then went down by 725 points before closing lower by 444 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 15th Apr :

Bank Nifty triggered our long trade with a gap up and did just 1 target giving 150 points after opening.  Post that Bank Nifty reversed to trigger our short trade and did 350 points. Bank Nifty triggered trades on both sides indicating indecisiveness. 

For 16th Apr  :

Sustaining above 19425 enter for 19650 - 19910 - 20610, SL 19170

Sustaining below 18690 enter for 18465 - 18205 - 17505 , SL 18945

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 it faced resistance and reversed . 

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 .

Had mentioned previously " Bank Nifty has immediate support at 19260 - 18855 zone and sustaining / closing below it the next support is at 17735 - 17450 zone . ", and today Bank Nifty tested the immediate support with a low of 18776.75 and has also closed within it . 

Now in the coming session sustaining below 18855 we can see a move towards the next support zone and holding above 19260 we can see it attempt a move towards its initial resistance 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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.