Sunday 3 May 2020

Bank Nifty Spot Outlook for 04th May

In the previous session : 



Bank Nifty went up by 877 points before closing higher by 444 points on Thursday as compared to its previous day's  close . 




Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 



On 30th Apr :


Bank Nifty triggered our long trade with a gap up and  did 370+ points.


For 04th May  :

Sustaining above 21775 enter for 21920 - 22085 - 22540 , SL 21605


Sustaining below 21295 enter for 21150 - 20985 - 20530 , SL 21465

Looking at the SGX Nifty we might open below the last targets on the short side . For fresh updated levels post pre opening please check the telegram channel "simplytradestocks" .


Bank Nifty had made a low of 16116.25 on 24th March. 

Bank Nifty had made a high of 21462.40 in the bounce from 16116.25 which is where it faced resistance and reversed . Post that Bank Nifty finally broke above it with a high of 21967 last week going up further by around 500 points  while Nifty has gone up around 850 points above the high made on 27th Mar of 9038.90.


Bank Nifty now has immediate resistance near 22080 - 22420 and needs to sustain / close above it this week for a further upmove towards 23350 - 23585 . 

Bank Nifty has immediate supports at  20990 - 20650 and breaking / sustaining below it we can see a move towards 19720 - 19480 where it has strong support . 


How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 




For this month :


  • Bank Nifty longs will get confirmed with a consecutive close above 22835 for a initial target of 24210 - 24560 and sustaining / closing above 24560 we can see a further move till 25740 - 27040 .  

  • Bank Nifty shorts will get confirmed with a consecutive close below 20235 for  a initial target of 18860 - 18515 and sustaining / closing below 18515 we can see a further move till 17330 - 16030.





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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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