Weekly Spot Outlook Of Bank Nifty for 13th to 17th Apr

In the previous week : 

Bank Nifty went up by 3075 points before finally ending the week higher by 2665 points compared to its last weekly closing. 

Bank Nifty triggered our long trade as per levels given last week and did 2269 points.

Bank Nifty had made a life time high of 32613.10 on 30th December and has been trading sideways to negative since then .

Bank Nifty for this week :

• Sustaining above 20570 enter for 20975 - 21300 - 21630 

• Further sustaining above 22095 enter for 22375 - 23340 - 24400

• Sustaining below 19260 enter for 18855 - 18525 - 18200

• Further sustaining below 17730 enter for 17450 - 16485 - 15425

How to use these levels  

• For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets

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.

Now this week if Bank Nifty triggers a weekly long trade then it would approach the monthly resistance zone of 22080 - 22375 where the current upmove can face resistance . We are still in a bear market and such sharp rallies are part of the bear market . Longs should be cautious around the initial resistance levels of initially 20570 and next resistance zone of 22095 - 22375 . 

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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.