Bank Nifty Spot Outlook for 07th May

In the previous session : 

Bank Nifty went down by 330 points then went up by 535 points before closing higher by 423 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 06th May :

Bank Nifty took support above our short trigger level and bounced to trigger our long trade and did 250 points. 

For 06th May  :

Sustaining above 19980 enter for 20155 - 20355 - 20900 , SL 19780

Sustaining below 19410 enter for 19235 - 19030 - 18490 , SL 19610

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

Bank Nifty has made a high of 21967 in the bounce from 16116.25 retracing 36.30 % of the fall while Nifty has made a high of 9889.05 from the lows of 7511 retracing 31.66%

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 marginally below 19720 within the support zone and now needs to sustains above 19720 tomorrow for strength to resume. 

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.

As mentioned yesterday "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." , and Bank Nifty made a low of 18941 near the initial support zone today and bounced. 

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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.