Monday, 29 April 2019

Bank Nifty Spot Outlook for 30th Apr

BANK NIFTY


In the previous session Bank Nifty spot opened at 29764.85 , made a low of 29563.15 , it made a high of 30048.20 ,  before closing at 30013.50

Had mentioned that long trade for the day will get triggered on sustaining above 29680 and short trade for the day will get triggered on sustaining below 29440 .Bank Nifty triggered our long trade and did 350+ points 


For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30365 and then enter for a initial target of 30740 - 30835 and look to hold further only on sustaining or getting a close above 30835 for the next targets of 31155 - 31505. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29660 and then enter for a initial target of 29290 - 29195 and look to hold further only on sustaining or getting a close below 29195 for the next targets of 28875 - 28520.


Also as mentioned earlier " 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 ." , and Bank Nifty made a low of 29435.05 nearly completing our expected downmove and bounced back .

On the upside Bank Nifty has immediate resistance near 31000 - 31075 and it needs to give a strong close above it for a further upmove towards 31500+ levels . 

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 had triggered our monthly shorts earlier but Nifty did not give a sell signal and we saw Bank Nifty bounce back last week before correcting again today.
Now in the coming session Bank Nifty needs to break and sustain above 30145 to test 30290 - 30325 initially and sustaining above it we can see a further upmove till 30445 - 30580. Similarly breaking and sustaining below 29880 we can see a test of 29740 - 29705 initially and sustaining below it we can see a further correction till 29585 - 29450.



Bank Nifty Spot Levels for the day are

Long above 30145 for 30230 - 30325 - 30580 , SL 30055

Short below 29880 for 29800 - 29705 - 29450 , SL 29975

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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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