Bank Nifty Spot Outlook for 05th May

In the previous session : 

Bank Nifty went down by 1890 points before closing lower by 1790 points on Monday 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 04th May :

Bank Nifty triggered our short trade with a gap up below our last targets and fell further by 880+ points as per the weekly levels shared.

For 05th May  :

Sustaining above 20050 enter for 20240 - 20460 - 21050 , SL 19840

Sustaining below 19435 enter for 19245 - 19025 - 18445 , SL 19650

For fresh updated levels intraday follow 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 20650 - 20990 and needs to sustain / close above it for a further upmove 

Bank Nifty has immediate supports at  19480 - 19720 and breaking / sustaining below it we can see a further downmove . 

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.

Bank Nifty has closed well below 20235 and a consecutive close below can move towards 18860 - 18515.

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.