Thursday, 5 April 2018

Bank Nifty Spot Outlook for 06th Apr

BANK NIFTY


Bank Nifty spot opened at 24394.45 , it made a low of 24380.85 ,  it made a high of 24824.90 before closing at 24759.80

Had mentioned that long positions can be taken above 24245 and short positions can be taken below 24015 . Bank Nifty initially triggered our long trade by opening near our 2nd target for the day and completed all targets . 


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 today Bank made a high of 24824.90 nearly completing our initial long targets for the week once it sustained above 24560 . 

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 . Bank Nifty is yet to trigger our monthly long trade even though Nifty has triggered it today .

Now in the coming session Bank Nifty breaking and sustaining above 24905 can test 25050 - 25090 and on sustaining above it we can see a further upmove till 25220 - 25360 next. Similarly in the coming session Bank Nifty breaking and sustaining below 24615 we can see a test of 24470 - 24430 initially and breaking and sustaining below it we can see a further correction till 24300 - 24160 next . 


Bank Nifty Spot Levels for the day are

Long above 24905 for 24990 
– 25090 – 25360 , SL 24715

Short below 24615 for 24530 – 24430 – 24160 , SL 24805

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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.