Bank Nifty Spot Outlook for 01st Apr

BANK NIFTY

In the previous session Bank Nifty spot opened at 30480.35, made a low of 30235.90, it then made a high of 30499.15 ,  before closing at 30426.80

Had mentioned that long trade for the day will get triggered on sustaining above 30535 and short trade for the day will get triggered on sustaining below 30305 .Bank Nifty did not trigger any trade and gave a sideways move. 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30705 and then enter for a initial target of 31000 - 31075 and look to hold further only on sustaining or getting a close above 31075 for the next targets of 31330 - 31610. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 30145 and then enter for a initial target of 29855 - 29780 and look to hold further only on sustaining or getting a close below 29780 for the next targets of 29525 - 29245.

Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels on a correction for the upmove to resume .

On the upside Bank Nifty has immediate resistance near 31000 - 31075 . 

For the month of April , longs will be confirmed in Bank Nifty with a consecutive close above 31005 for a initial target of 31615 - 31770 and sustaining / closing above it we can see a further move till 32295 - 32875 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29850 for a initial target of 29240 - 29085 and sustaining / closing below it we can see a further move till 28560 - 27980.

Now in the coming session Bank Nifty needs to break and sustain above 30535 to test 30645 - 30670 initially and sustaining above it we can see a further upmove till 30770 - 30875. Similarly breaking and sustaining below 30320 we can see a test of 30210 - 30180 initially and sustaining below it we can see a further correction till 30085 - 29980 

Bank Nifty Spot Levels for the day are

Long above 30535 for 30600 - 30670 - 30875 , SL 30460

Short below 30320 for 30255 - 30180 - 29980 , SL 30395

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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.