Bank Nifty Outlook for 30th Apr

 

In the previous session:

Bank Nifty went up by 1272 points before closing higher by 1223 points on Monday

Bank Nifty made a new lifetime high of 49473.60 on 29th Apr 2024 from the lows of 16116.25 made on 24th March 2020

On 29th Apr:

Bank Nifty triggered our long trade and completed all targets doing 500 points and exceeded it by 600 points . 

For 30th Apr:

Sustaining above 49610 can move towards 49725 - 49860 - 50200, SL 49480

Sustaining below 49235 can move towards 49125 - 48990 - 48650, SL 49365

(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 47995 and made a high of 48679.65 and completed our initial weekly long targets till 48435 - 48550 doing 550 points and exceeded it by  120 points 

Now for this week:

On the upside:

Bank Nifty has to sustain and close above its weekly resistance at 48455 - 48615 to move towards its initial weekly long targets of 49050 - 49160

Closing above 49160 Bank Nifty may move towards its last weekly long targets of 49530 - 49940

On the downside:

Bank Nifty has to sustain and close below its weekly support at 47940 - 47790 to move towards its initial weekly short targets of 47350 - 47240

Closing below 47240 Bank Nifty may move towards its last weekly short targets of 46870 - 46460

So far this week Bank Nifty has made a high of 49473.60 almost nearing our last weekly long targets of 49530 - 49940 and closed at 49424.05 triggering our weekly long trade. The trailing stoploss for the weekly long trade is 49000 on hourly closing.

Now in the coming session Bank Nifty sustaining above 49610 can move towards 49860 - 50050. On the downside Bank Nifty sustaining below 49235 can move towards 48990 - 48820.

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