Thursday 15 April 2021

Bank Nifty Outlook for 16th Apr

In the previous session : 

Bank Nifty went down by 365 points then went up by 415 points before closing higher by 341 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 15th Apr:

Bank Nifty initially triggered our short trade and took our stoploss . Post that Bank Nifty reversed to trigger our long trade nearly completed just 1 target doing 100 points indicating a bit of tiredness and indecisiveness.

For 16th Apr :

Sustaining above 32420 enter for 32610 - 32825 - 33400 , SL 32205


Sustaining below 31805 enter for 31615 - 31400 - 30815 , SL 32020



Now for this week :

Bank Nifty has immediate resistance near 32790 - 33000 and sustaining or closing above we can see a further move towards 33585 - 33730 zone

Bank Nifty has immediate support near 32110 - 31890 and sustaining or closing below that we can see a move towards 31300 - 31165 zone

So far this week Bank Nifty has made a low of 30520.30 breaking below both support zones. Now in sustaining below 30525 we can see a further move till 30175 - 29675.

As mentioned in the previous post "Now Bank Nifty has to hold above 31400 for a further move towards 32200 - 32500 where it may face some resistance ." , and Bank Nifty made a high of 32187.0 nearly reaching the target zone.

Now Bank Nifty  has to break above 32300 - 32420 zone for a further move towards 32750 - 33000 zone. On the downside immediate support is at 31900 - 31700 zone.


In the month of April , Bank Nifty  has broken the low of 32415.25 made in March by nearly 1900 points with a low of 30520.30



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. 

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