Bank Nifty Outlook for 03rd Apr

 

In the previous session:

Bank Nifty went down by 169 points then went up by 129 points before closing lower by 29 points on Tuesday

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 02nd Apr:

Bank Nifty traded sideways between our long and short trigger levels and did not give a 15 mins close above or below our long or short trigger levels 

For 03rd Apr:

Sustaining above 47640 can move towards 47700 - 47765 - 47940, SL 47575

Sustaining below 47450 can move towards 47395 - 47325 - 47150, SL 47515

(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 47707.35 completing our initial weekly long target of 47600 - 47660 and closed today at 47545.45 after triggering our weekly trade in the previous session. The trailing cbsl for the weekly long trade is 47340 on hourly close now.

Now in the coming session Bank Nifty sustaining above 47640 can move towards 47765 - 47940. On the downside Bank Nifty sustaining below 47450 can move towards 47325 - 47150 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