Bank Nifty Spot Outlook for 29th Apr

In the previous session : 

Bank Nifty went up by 670 points before closing higher by 590 points on Tuesday 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 28th Apr :

Bank Nifty triggered our long trade and did 400 points.Bank Nifty was stronger Nifty the entire trading session.

For 29th Apr  :

Sustaining above 20940 enter for 21110 - 21300 - 21815 , SL 20755

Sustaining below 20400 enter for 20235 - 20045 - 19530 , SL 20590

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 came close to it last week with a high og 21122.10 whereas Nifty has been moving up slowly and has gone up around 300 points above the high made on 27th Mar of 9038.90.

Bank Nifty today closed well above its immediate resistance at 20010 - 20270 and now sustaining above it we can see a move towards 20990 - 21175 where it has its next resistance .

Bank Nifty has to hold its support at 19165 - 18900 on a dip for a bounce to be expected . Sustaining/closing below 18900 we can see a move towards 18180 - 17995 . 

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.