Bank Nifty Outlook for 23rd Apr

 In the previous session : 

Bank Nifty went down by 557 points then went up by 722 points before closing higher by 670 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 22nd Apr:

Bank Nifty initially triggered our short trade with a small gap down and nearly completed 2 targets doing 200 points and took our TSL . Post that Bank Nifty reversed to trigger our long trade and completed 2 targets doing 450 points. 

For 23rd Apr :

Sustaining above 32065 enter for 32240 - 32445 - 32980 , SL 31870

Sustaining below 31500 enter for 31325 - 31120 - 30580 , SL 31695

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 twice now towards 31750 - 31850 zone and today also closed well above 31500 .

Now as long as Bank Nifty is sustaining above 31500 we may see it move towards 32455 - 32755 zone and if it fails to sustain above 31500 then we may see a dip again towards 30500 levels . 

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.