Friday, 5 April 2019

Bank Nifty Spot Outlook for 05th Apr

BANK NIFTY


In the previous session Bank Nifty spot opened at 30147.30 , made a high of 30245.70 it then made a low of 29809.90 ,  before closing at 29904.90

Had mentioned that long trade for the day will get triggered on sustaining above 30205 and short trade for the day will get triggered on sustaining below 29980 .Bank Nifty initially triggered our long trade but could not complete any target and took our stoploss . It then triggered our short trade and did 2 targets giving 150+ points . 

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 had confirmed our weekly short trade in the previous session and sustaining below 30145 today completed our initial targets 29855 - 29780 with a low of 29809.90.

Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels in the coming session for a bounce else sustaining below it we can see a further downmove towards  29525 - 29245 .

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 30015 to test 30130 - 30160 initially and sustaining above it we can see a further upmove till 30260 - 30370. Similarly breaking and sustaining below 29795 we can see a test of 29680 - 29650 initially and sustaining below it we can see a further correction till 29550 - 29440.



Bank Nifty Spot Levels for the day are

Long above 30015 for 30085 - 30160 - 30370 , SL 29935

Short below 29795 for 29725 - 29650 - 29440 , SL 29875

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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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