Bank Nifty Outlook for 07th Apr

 In the previous session : 

Bank Nifty went up by 328 points then went down by 340 points before closing lower by 177 points on Tuesday.

Bank Nifty made a new life time high of 37708.75 in this upmove from the lows of 16116.25 made on 24th March

On 06th Apr:

Bank Nifty initially triggered our long trade but did not complete any target and took our stoploss. Post that Bank Nifty reversed to trigger our short trade and again did not complete any targets and took our stoploss. Bank Nifty indicated indecisiveness today and we can expect a trending move in the coming session  .

For 07th Apr :

Sustaining above 32735 enter for 32880 - 33050 - 33485 , SL 32575

Sustaining below 32270 enter for 32125 - 31960 - 31520 , SL 32430

Now for this week :

Bank Nifty has immediate resistance near 34200 - 34410 and sustaining or closing above we can see a further move towards 34990 - 35140 zone

Bank Nifty has immediate support near 33510 - 33300 and sustaining or closing below that we can see a move towards 32700 - 32575 zone

So far this week Bank Nifty has made a low of 32330.15 breaking below both our weekly supports and closing just within the next support indicating a bigger weakness than Nifty . 

Now Bank Nifty on sustaining above 32700 has immediate resistance near 33300 - 33510 zone. Breaking and sustaining again below 32575 we can see it correct towards 32070 - 31520 zone.

Overall Bank Nifty needs to give a strong or consecutive close above 36840 to regain strength .

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty has now made a high of 37708.75 on 16th Feb 2021 in the bounce from the fall till 16116.25 on 24th March 2020 while Nifty has made a new lifetime high of 15431.75  on 16th Feb 2021 from the lows of 7511 made on 24th March 2020.

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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.