Wednesday 21 April 2021

Bank Nifty Outlook for 22nd Apr

 In the previous session : 

Bank Nifty went up by 523 points then went down by 317 points before closing lower by 95 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 20th Apr:

Bank Nifty initially triggered our long trade with a small gap up and nearly completed 2 targets doing 150 points and took our TSL . Post that Bank Nifty reversed to trigger our short trade but did not complete any targets and took our stoploss . 


For 22nd Apr :

Sustaining above 31385 enter for 31550 - 31740 - 32250 , SL 31195


Sustaining below 30840 enter for 30670 - 30480 - 29970 , SL 31030



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 is unable to break above 31500 we may see it test the next support at 30380- 30180 and breaking below it correct further 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.

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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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