Bank Nifty Outlook for 18th Apr

 

In the previous session:

Bank Nifty went down by 456 points before closing lower by 288 points on Tuesday

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 16th Apr:

Bank Nifty opened below our 2nd short target and did not give a trade. Had shared revised levels at opening and Bank Nifty traded sideways between our short and long trigger points

For 18th Apr:

Sustaining above 47630 can move towards 47720 - 47825 - 48100, SL 47530

Sustaining below 47335 can move towards 47250 - 47145 - 46870, SL 47440

(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 47316.55 and closed at 47484.80. Bank Nifty has completed all its weekly short targets till 47700 - 47420 and we can see some bounce. For fresh shorters the cbsl should be a hourly close above 47730.

Now in the coming session Bank Nifty sustaining above 47630 can move towards 47825 - 48100 where it may face resistance. On the downside Bank Nifty sustaining below 47335 can move towards 47145 - 46870 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".

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