Weekly Spot Outlook Of Bank Nifty for 01st to 05th Apr

BANK NIFTY

This week Bank Nifty spot went down by 426 points , then went up by 917 points before finally ending the week with a gain of 844 points compared to last weekly closing.

As per levels given for the previous week Bank Nifty Spot needed to sustain and close above 29815 to confirm uptrend and Bank Nifty spot needed to sustain and close below 29350 to confirm downtrend for the week. Bank Nifty made a high of 30499.15 and made a low of 29156.25 for the week. 

Had mentioned in previous weekly post that Bank Nifty needs to sustain above 29815 to test 30060 - 30120 initially and above it further till 30330 - 30560 and Bank Nifty needs to sustain below 29350 to test 29105 - 29045 initially and below it further till 28835 - 28605 , and Bank Nifty initially triggered our short trade and nearly completed our initial targets . Bank Nifty then reversed to confirm our long trade and nearly completed all our long targets .

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. 

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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.

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.

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 . 

Bank Nifty Spot Levels for the week are

Long above 30600 , Tgt 30705 - 30795 - 30880

IF Bank Nifty spot manages to get a close / sustain above 31000 then 

long again for 31075 - 31330 - 31610

Short below 30255, Tgt 30145 - 30060 - 29975

IF Bank Nifty spot manages to get a close / sustain below 29855 then 

short again for 29780 - 29525 - 29245

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and continue trailing it further .

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