Bank Nifty Spot Outlook for 30th Apr

In the previous session : 

Bank Nifty went down by 277 points then went up by 677 points before closing higher by 419 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 29th Apr :

Bank Nifty triggered our long trade and did 400 points.

For 30th Apr  :

Sustaining above 21365 enter for 21540 - 21730 - 22260 , SL 21175

Sustaining below 20815 enter for 20645 - 20450 - 19925 , SL 21005

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 today with a high of 21348.05 whereas Nifty has been moving up slowly and has gone up around 560 points above the high made on 27th Mar of 9038.90.

As expected Bank Nifty after closing above 20270 yesterday today moved towards 20990 - 21175 and crossed it to make a high of 21348.15 and closed near the upper end of this resistance .

Bank Nifty now has to sustain above 21175 to trigger our intraday long trade and move towards the targets of 21655 - 21730 next. 

Bank Nifty immediate supports have moved to 20520 - 20450 and breaking below it we can see a move towards 20250 - 20000 . 

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.