Bank Nifty Outlook for 04th Apr

 

In the previous session:

Bank Nifty went down by 265 points then went up by 131 points before closing higher by 79 points on Wednesday

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 03rd Apr:

Bank Nifty opened near our 2nd short target as per the levels posted yesterday and did not give a trade. Had posted revised levels on telegram based on which we got a long trade and it completed 2 targets doing 130 points and exceeded it by 100 points

For 04th Apr:

Sustaining above 47710 can move towards 47760 - 47825 - 47980, SL 47650

Sustaining below 47540 can move towards 47485 - 47425 - 47260, SL 47600

(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 47624.25 after triggering our weekly trade on Monday. The trailing cbsl for the weekly long trade is 47340 on hourly close now which is still intact

Now in the coming session Bank Nifty sustaining above 47710 can move towards 47825 - 47980. On the downside Bank Nifty sustaining below 47540 can move towards 47425 - 47260 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".

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: 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