Wednesday, 1 May 2019

Bank Nifty Spot Outlook for 02nd May

BANK NIFTY


In the previous session Bank Nifty spot opened at 29920.40 which was also the high  , made a low of 29550.05 ,  before closing at 29764.80

Had mentioned that long trade for the day will get triggered on sustaining above 30145 and short trade for the day will get triggered on sustaining below 29880 .Bank Nifty triggered our short trade and did 300+ 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 May , longs will be confirmed in Bank Nifty with a consecutive close above 30505 for a initial target of 31285 - 31480 and sustaining / closing above it we can see a further move till 32155 - 32890 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29025 for a initial target of 28245 - 28050 and sustaining / closing below it we can see a further move till 27380 - 26640. 

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 29900 to test 30045 - 30080 initially and sustaining above it we can see a further upmove till 30200 - 30335. Similarly breaking and sustaining below 29630 we can see a test of 29490 - 29450 initially and sustaining below it we can see a further correction till 29330 - 29195.



Bank Nifty Spot Levels for the day are

Long above 29900 for 29985 - 30080 - 30335 , SL 29805

Short below 29630 for 29545 - 29450 - 29195 , SL 29725

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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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