Bank Nifty Outlook for 20th Apr

 In the previous session : 

Bank Nifty went down by 1572 points before closing lower by 769 points on Monday.

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 19th Apr:

Bank Nifty triggered our short trade with a big gap down below our 2nd daily short target and broke below our initial weekly support at opening and fell further by 588 points 

For 20th Apr :

Sustaining above 31480 enter for 31645 - 31840 - 32350 , SL 31290

Sustaining below 30935 enter for 30770 - 30580 - 30060 , SL 31125

Now for this week :

Bank Nifty has immediate resistance near 32455 - 32755 and sustaining or closing above we can see a further move towards 33570 - 33775 zone

Bank Nifty has immediate support near 31500 - 31200 and sustaining or closing below that we can see a move towards 30380 - 30180 zone

So far this week Bank Nifty has made a low of 30405.65 just above our next weekly support zone of 30380 - 30180 and bounced back . As long as Bank Nifty now holds above 31200 we can see the bounce extend towards 31500 - 31800 zone . On breaking below 30380 we can the next support zone also breaking and a move towards 29500 - 28750 zone.

In the month of April , Bank Nifty  has broken the low of 32415.25 made in March by nearly 2000 points with a new low of 30405.65 after the bounce of 1800 points till 32325.15 we saw from the earlier 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.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.