Sunday, 14 April 2019

Bank Nifty Spot Outlook for 15th Apr

BANK NIFTY


In the previous session Bank Nifty spot opened at 29780.55 , made a low of 29707.00 , it made a high of 30000.95 ,  before closing at 29938.55

Had mentioned that long trade for the day will get triggered on sustaining above 29860 and short trade for the day will get triggered on sustaining below 29715 .Bank Nifty triggered our short trade initially and could not sustain and took our stoploss . It then triggered our long trade and did 100+ points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30145 and then enter for a initial target of 30360 - 30415 and look to hold further only on sustaining or getting a close above 30415 for the next targets of 30600 - 30805. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29735 and then enter for a initial target of 29520 - 29465 and look to hold further only on sustaining or getting a close below 29465 for the next targets of 29280 - 29075.



Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels in the coming sessions for a bounce else sustaining below it we can see a further downmove towards  29525 - 29425 .

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. 

Bank Nifty has triggered our monthly shorts but Nifty is yet to give a sell signal . 
Now in the coming session Bank Nifty needs to break and sustain above 30015 to test 30095 - 30120 initially and sustaining above it we can see a further upmove till 30190 - 30265. Similarly breaking and sustaining below 29860 we can see a test of 29780 - 29760 initially and sustaining below it we can see a further correction till 29690 - 29610.



Bank Nifty Spot Levels for the day are

Long above 30015 for 30065 - 30120 - 30265 , SL 29960

Short below 29860 for 29815 - 29760 - 29610 , SL 29915

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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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