Bank Nifty Outlook for 12th Apr

 

In the previous session:

Bank Nifty went down by 61 points then went up by 326 points before closing higher by 256 points on Wednesday

Bank Nifty made a new lifetime high of 49057.40 on 10th Apr 2024 from the lows of 16116.25 made on 24th March 2020

On 10th Apr:

Bank Nifty triggered our long trade and completed all targets doing 200 points and exceeded it by 57 points

For 12th Apr:

Sustaining above 49055 can move towards 49095 - 49145 - 49270, SL 49000

Sustaining below 48920 can move towards 48880 - 48830 - 48700, SL 48970

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

In the Previous Week: 

Bank Nifty triggered our weekly long trade above 47355 and completed all our targets till 47870 - 48100 doing 745 points and exceeded it further by 450 points making a high of 48557.40 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 48640 - 48730 to move towards its initial weekly long targets of 48980 - 49050

Closing above 49050 Bank Nifty may move towards its last weekly long targets of 49260 - 49500

On the downside:

Bank Nifty has to sustain and close below its weekly support at 48345 - 48255 to move towards its initial weekly short targets of 48000 - 47940

Closing below 47940 Bank Nifty may move towards its last weekly short targets of 47730 - 47500

So far this week Bank Nifty has made a high of 49057.40 sustaining above 48730 and completed our initial weekly long targets of 48980 - 49050 and closed at 48986.60. The trailing cbsl for the weekly long trade should be a hourly close below 48730.

Now in the coming session Bank Nifty sustaining above 49055 can move towards 49145 - 49270. On the downside Bank Nifty sustaining below 48920 can move towards 48830 - 48700.

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