Bank Nifty Outlook for 16th Apr

 

In the previous session:

Bank Nifty went down by 838 points before closing lower by 791 points on Monday

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 15th Apr:

Bank Nifty opened below our last short target and did not give a trade. Had shared revised levels at opening and Bank Nifty triggered our short trade and almost completed 2 targets doing 150 points 

For 16th Apr:

Sustaining above 47915 can move towards 48000 - 48105 - 48370, SL 47815

Sustaining below 47630 can move towards 48550 - 47440 - 47170, SL 47730

(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 48730 and completed our initial targets till 48980 - 49050 with a high of 49057.40

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 48730 - 48840 to move towards its initial weekly long targets of 49120 - 49200

Closing above 49200 Bank Nifty may move towards its last weekly long targets of 49440 - 49700

On the downside:

Bank Nifty has to sustain and close below its weekly support at 48390 - 48290 to move towards its initial weekly short targets of 48000 - 47930

Closing below 47930 Bank Nifty may move towards its last weekly short targets of 47700 - 47420

So far this week Bank Nifty has made a low of 47725.80 and closed at 47773.25. Bank Nifty has almost reached its last weekly short target zone of 47700 - 47420. Since weekly short is triggered we are in a sell on rise till 48100 - 48400 with a hourly cbsl of 48400 

Now in the coming session Bank Nifty sustaining above 47915 can move towards 48105 - 48370 where it may face resistance. On the downside Bank Nifty sustaining below 47630 can move towards 47440 - 47170 where it has strong 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