Thursday, 5 April 2018

Bank Nifty Spot Outlook for 05th Apr

BANK NIFTY


Bank Nifty spot opened at 24502.50 , it made a high of 24666.30 ,  it made a low of 24087.80 before closing at 24129.50

Had mentioned that long positions can be taken above 24620 and short positions can be taken below 24400 . Bank Nifty initially triggered our long trade and could not complete any target and reversed to take our stoploss . It then triggered our short trade and completed all targets giving around 325+ points from the short trade . 


Had mentioned in the previous post " Now in the coming week Bank Nifty breaking and sustaining above 24560 can test 24875 - 24955 and on sustaining above it we can a further upmove till 25225 - 25520 next .Similarly in the coming session Bank Nifty breaking and sustaining below 23965 we can see a test of 23655 - 23575 initially and breaking and sustaining below it we can see a further correction till 23305 - 23005 next "  , and so far this week Bank Nifty has been able to break and sustain / close beyond the range of 23965 - 24560 on either side for a bigger move . 


Now for the month of April , Bank Nifty longs will get confirmed with a consecutive close above 24880 for a initial target of 25525 - 25690 and sustaining / closing above it we can see a further test of 26250 - 26865 . Similarly , shorts will get confirmed with a consecutive close below 23650 for a initial target of 23000 - 22835 and sustaining / closing below it we can see a further test of 22275 - 21665 .

Now in the coming session Bank Nifty breaking and sustaining above 24245 can test 24365 - 24400 and on sustaining above it we can see a further upmove till 24505 - 24620 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24015 we can see a test of 23890 - 23860 initially and breaking and sustaining below it we can see a further correction till 23755 - 23640 next . 


Bank Nifty Spot Levels for the day are

Long above 24245 for 24315 
– 24400 – 24620 , SL 24095

Short below 24015 for 23945 – 23860 – 23640 , SL 24165

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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.