Bank Nifty Outlook for 02nd Apr

 

In the previous session:

Bank Nifty went up by 522 points before closing higher by 453 points on Monday

Bank Nifty made a new lifetime high of 48636.45 on 27th Dec 2023 from the lows of 16116.25 made on 24th March 2020

On 01st Apr:

Bank Nifty opened above our 2nd long target and did not give a trade

For 02nd Apr:

Sustaining above 47670 can move towards 47730 - 47800 - 47970, SL 47605

Sustaining below 47485 can move towards 47425 - 47360 - 47180, SL 47550

(One should ideally look to exit near the 2nd target once the trade is triggered)

In the Previous Week: 

Bank Nifty triggered our weekly short trade and took our stoploss. Post that Bank Nifty reversed to trigger our weekly long trade sustaining above 47070 and completed our initial long targets till 47280 - 47335 with a high of 47440.35 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 47265 - 47355 to move towards its initial weekly long targets of 47600 - 47660

Closing above 47660 Bank Nifty may move towards its last weekly long targets of 47870 - 48100

On the downside:

Bank Nifty has to sustain and close below its weekly support at 46985 - 46895 to move towards its initial weekly short targets of 46650 - 46590

Closing below 46590 Bank Nifty may move towards its last weekly short targets of 46380 - 46150

So far this week Bank Nifty has made a high of 47646.80 reaching our initial weekly long target of 47600 - 47660 and closed today at 47578.25 triggering our weekly trade. The cbsl for the weekly long trade is 47195

Now in the coming session Bank Nifty sustaining above 47670 can move towards 47800 - 47880. On the downside Bank Nifty sustaining below 47485 can move towards 47360 - 47270 where it may take support

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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 decision