Bank Nifty Spot Outlook for 23rd Apr

In the previous session : 

Bank Nifty went down by 357 points then went up 397 points before closing higher by 292 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 22nd Apr :

Bank Nifty triggered our short trade but did not sustain and took our stoploss . Post that it reversed and triggered our long trade but did only 50 points indicating indecisiveness. 

For 23rd Apr  :

Sustaining above 19970 enter for 20130 - 20320 - 20825, SL 19780

Sustaining below 19435 enter for 19270 - 19085 - 18580 , SL 19620

Bank Nifty had made a low of 16116.25 on 24th March. 

Bank Nifty made a high of 21462.40 in the bounce from 16116.25 which is where it faced resistance and reversed . Post that Bank Nifty has not revisited that high though Nifty has been moving up slowly and has gone up around 300 points above the high made on 27th Mar .

Bank Nifty has immediate resistance at 21330 - 21730 this week and sustaining above it we can see a move towards 22840 - 23120 where it has its next resistance .

As mentioned in the previous session "Now in the coming sessions Bank Nifty has immediate support at 20030 - 19630 which needs to hold for a bounce and breaking below it we can see a move towards 18525 - 18245. " , today Bank Nifty held the support and closed above 19630 . Now it has to break above 20030 in the coming session for a further move upwards . Breaking below 19630 and staying below it we can see it move towards its next support zone now.

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.