Bank Nifty Outlook for 23 Apr

 

In the previous session:

Bank Nifty went up by 572 points before closing higher by 350 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 22nd Apr:

Bank Nifty opened near our 3rd long target and did not give a trade.

For 23rd Apr:

Sustaining above 48080 can move towards 48175 - 48290 - 48580, SL 47970

Sustaining below 47770 can move towards 47675 - 47560 - 47265, SL 47880

(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 below 48290 and completed all our targets till 47700 - 47420 doing 850 points and exceeded it by another 800 points with a low of 46579.05

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 47835 - 47995 to move towards its initial weekly long targets of 48435 - 48550

Closing above 48550 Bank Nifty may move towards its last weekly long targets of 48930 - 49350

On the downside:

Bank Nifty has to sustain and close below its weekly support at 47315 - 47155 to move towards its initial weekly short targets of 46710 - 46600

Closing below 46600 Bank Nifty may move towards its last weekly short targets of 46220 - 45800

So far this week Bank Nifty has made a high of 48146.30 and closed at 47924.90 and is yet to trigger our weekly long trade

Now in the coming session Bank Nifty sustaining above 48080 can move towards 48290 - 48580 where it may face resistance. On the downside Bank Nifty sustaining below 47770 can move towards 47560 - 47270.

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