Monday, 15 April 2019

Bank Nifty Spot Outlook for 16th Apr

BANK NIFTY


In the previous session Bank Nifty spot opened at 29983.50 , made a low of 29919.10 , it made a high of 30163.10 ,  before closing at 30104.25

Had mentioned that long trade for the day will get triggered on sustaining above 30015 and short trade for the day will get triggered on sustaining below 29860 .Bank Nifty triggered our long trade and did 150 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 30185 to test 30270 - 30295 initially and sustaining above it we can see a further upmove till 30365 - 30450. Similarly breaking and sustaining below 30025 we can see a test of 29935 - 29915 initially and sustaining below it we can see a further correction till 29840 - 29760.



Bank Nifty Spot Levels for the day are

Long above 30185 for 30235 - 30295 - 30450 , SL 30130

Short below 30025 for 29975 - 29915 - 29760 , SL 30080

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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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