Sunday 26 April 2020

Weekly Spot Outlook Of Bank Nifty for 27th to 30th Apr

In the previous week : 


Bank Nifty went up by 440 points then went down by 1630 points before finally ending the week lower by 1095 points compared to its last weekly closing. 

Bank Nifty triggered our short trade as per levels given last week and did 950 points then took our TSL. 


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 20010 enter for 20270 - 20480 - 20690 

  • Further sustaining above 20990 enter for 21175 - 21795 - 22480


  • Sustaining below 19165 enter for 18900 - 18690 - 18480

  • Further sustaining below 18180 enter for 17995 - 17375 - 16695


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.

Bank has spent the entire month trading sideways between our long and short confirmation levels . We can expect a directional move soon. 

We are still in a bear market and longs should be cautious around the resistance levels of 22080.

Closing consecutively above 22080 we can see a move till 22830 - 23120 where Bank Nifty has its next  strong 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.

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