Tuesday, 2 April 2019

Bank Nifty Spot Outlook for 03rd Apr

BANK NIFTY


In the previous session Bank Nifty spot opened at 30450.10, made a high of 30452.90, it then made a low of 30155.85 ,  before closing at 30354.25

Had mentioned that long trade for the day will get triggered on sustaining above 30435 and short trade for the day will get triggered on sustaining below 30220 .Bank Nifty initially triggered our long trade at opening but could not sustain and took our stoploss. It then triggered our short trade and did just 75 points .  Bank has showed some indecisiveness for a second consecutive day in moving up further though today it bounced up from near our weekly short trigger level of 30145 . 

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 30460 to test 30575 - 30605 initially and sustaining above it we can see a further upmove till 30700 - 30805. Similarly breaking and sustaining below 30245 we can see a test of 30135 - 30105 initially and sustaining below it we can see a further correction till 30010 - 29900.



Bank Nifty Spot Levels for the day are

Long above 30460 for 30525 - 30605 - 30805 , SL 30385

Short below 30245 for 30180 - 30105 - 29900 , SL 30325

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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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