Bank Nifty Outlook for 09th Apr

 In the previous session : 

Bank Nifty went up by 315 points then went down by 286 points before closing lower by 208 points on Thursday.

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 08th Apr:

Bank Nifty initially triggered our long trade but did not complete any target and took our stoploss . Later it triggered our short trade and again did not do any targets. Bank Nifty indicated indecisiveness and also lacked strength to sustain any upmove.

For 09th Apr :

Sustaining above 33000 enter for 33125 - 33270 - 33670 , SL 32850

Sustaining below 32570 enter for 32450 - 32290 - 31900 , SL 32720

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 32141.15 breaking below both our weekly supports and today closed above the next support zone . 

As mentioned in the previous post "Now Bank Nifty has immediate resistance near 33300 - 33510 zone and breaking and sustaining above it we can see a move till 33850 - 34000 . Failing to break above 33300 we can see it again correct towards 32500 levels." , Bank Nifty made a high of 33306.8 near the resistance and reversed to correct by nearly 600 points.

Now Bank has to break abv 33300 - 33510 for a further upmove and unless if manages to do so it can face selling pressure . 

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.