Weekly Spot Outlook Of Bank Nifty For 20th to 24th Apr

In the previous week : 

Bank Nifty went down by 1210 points then went up by 953 points before finally ending the week higher by 768 points compared to its last weekly closing. 

Bank Nifty initially triggered our short trade as per levels given last week and did 550 points. Post that Bank Nifty took our TSL and triggered our long trade and 295 points. Bank Nifty swung both sides indicating indecisiveness.

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 21330 enter for 21730 - 22055 - 22380 

• Further sustaining above 22840 enter for 23120 - 24075 - 25125

• Sustaining below 20030 enter for 19630 - 19310 - 18985

• Further sustaining below 18525 enter for 18245 - 17290 - 16240

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 long trigger too at 22080  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 resistance levels of 22080.

Sustaining / closing above 22080 we can see a move till 22830 - 23120 where Bank Nifty has its next resistance .

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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.