Sunday, 23 April 2017

Bank Nifty Spot Outlook for 24th April

BANK NIFTY


Bank Nifty spot opened at 21567.50 and made a high of 21614.55 , it went down till 21386.20 before closing at 21551.45 . 


Now for this week Bank Nifty needs to break and sustain above 21647 for long confirmation, then we can expect a move till 21707 - 21749 levels initially and closing above 21774 we can expect the next move till 21862 - 21958 . Similarly Bank Nifty needs to break and sustain below 21456 for short confirmation then we can expect a move till 21396 - 21354 levels initially and closing below 21329 we can expect a further move till 21241 - 21145. Bank Nifty will confirm its monthly long on a consecutive close above 21805 and will confirm its monthly short below 21083 .  Further confirmation to go short last week was on sustaining below 21380 and Bank Nifty made a low of 21386.20 and reversed. Bank Nifty has been taking support in the range of 21350 - 21400 this month and breaking and sustaining below it we can expect it to test its next support at  21200 - 21160.


For the month of April we can expect uptrend to continue in Bank Nifty spot on a consecutive closing above 21805 and downtrend on a consecutive closing below 21083 '  . For the month of March,  Bank Nifty gave a up move of nearly 750+ points after breaking and sustaining above our monthly long confirmation level of 20932. 


Those who are looking to enter fresh long positions on any corrections near 21200 - 21160 levels should keep a cbsl of 21080 for their positions below which our monthly short gets triggered.

For today if Bank Nifty spot sustains above 21588 we can see a initial move till 21626 & on sustaining above 21636 we may see further move till 21705 . Similarly if Bank Nifty spot sustains below 21515 we may see a initial move on the downside till 21477 &  on sustaining below 21467 we may see further move till 21398


Bank Nifty Spot Levels for the day are

Long above 21588 for 21610 
– 21636 – 21705 , SL 21540

Short below 21515 for 21493 – 21467 – 21398 , SL 21563

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Disclaimer : These are my personal views and one should do their own research 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 decisions.