Bank Nifty Spot Outlook for 26th Apr

BANK NIFTY

Bank Nifty spot opened at 24993.40 which was also the high ,  it made a low of 24734.60 before closing at 24814.60

Had mentioned that long positions can be taken above 25090 and short positions can be taken below 24995. Bank Nifty triggered our short trade and completed all targets for the day .  

Now this week Bank Nifty breaking and sustaining above 25075 can test 25210 - 25245 and on sustaining above it we can a further upmove till 25360 - 25490 next .Similarly in the coming session Bank Nifty breaking and sustaining below 24815 we can see a test of 24680 - 24645 initially and breaking and sustaining below it we can see a further correction till 24530 - 24400 next . Though Bank Nifty has broken above 25075 twice this week but it has failed to sustain / close above it .In the previous session Bank Nifty now broke below 24815 and again failed to sustain and gave a borderline close.

Had mentioned previously " Now for the month of April , Bank Nifty longs will get confirmed with a consecutive close above 24880 for a initial target of 25525 - 25690 and sustaining / closing above it we can see a further test of 26250 - 26865 . Similarly , shorts will get confirmed with a consecutive close below 23650 for a initial target of 23000 - 22835 and sustaining / closing below it we can see a further test of 22275 - 21665 .",  Bank Nifty has confirmed our long trade and we were expecting to see a test of 25525 - 25690 initially but Bank Nifty has so far only made a high of 25426.75 and faced selling pressure. 

Now in the coming session Bank Nifty breaking and sustaining above 24865 can test 24915 - 24930 and on sustaining above it we can see a further upmove till 24975 - 25020 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24765 we can see a test of 24715 - 24700 initially and breaking and sustaining below it we can see a further correction till 24655 - 24610 next . 

Bank Nifty Spot Levels for the day are

Long above 24865 for 24895 – 24930 – 25020 , SL 24800

Short below 24765 for 24735 – 24700 – 24610 , SL 24830

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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.