Bank Nifty Spot Outlook for 06th May

In the previous session : 

Bank Nifty went up by 479 points then went down by 531 points before closing lower by 472 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 05th May :

Bank Nifty triggered our long trade with a gap up and took our stoploss . Bank Nifty then reversed to trigger our short trade and completed just 1 target giving 200 points . Post such days we normally get to see a trending day in the coming session.

For 06th May  :

Sustaining above 19550 enter for 19720 - 19915 - 20440 , SL 19355

Sustaining below 18995 enter for 18825 - 18630 - 18105 , SL 19190

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Bank Nifty had made a low of 16116.25 on 24th March. 

Bank Nifty had made a high of 21462.40 in the bounce from 16116.25 which is where it faced resistance and reversed . Post that Bank Nifty finally broke above it with a high of 21967 last week going up further by around 500 points  while Nifty has gone up around 850 points above the high made on 27th Mar of 9038.90.

Bank Nifty now has immediate resistance near 20650 - 20990 and needs to sustain / close above it for a further upmove 

As mentioned yesterday " Bank Nifty has immediate supports at  19480 - 19720 and breaking / sustaining below it we can see a further downmove. " , today Bank Nifty has closed well below 19480 and now in the coming session it needs to sustains above 19720 for a stronger bounce. 

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 22835 for a initial target of 24210 - 24560 and sustaining / closing above 24560 we can see a further move till 25740 - 27040 .  

• Bank Nifty shorts will get confirmed with a consecutive close below 20235 for  a initial target of 18860 - 18515 and sustaining / closing below 18515 we can see a further move till 17330 - 16030.

Bank Nifty has given a consecutive close below 20235 and sustaining below it we can see a move towards 18860 - 18515 . Upmoves can face resistance near 20235 - 20735 this week  .

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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.