Tuesday, 2 May 2017

Bank Nifty Spot Outlook for 03rd May

BANK NIFTY


Bank Nifty spot opened at 22412.55 and made a high of 22492.15 , it went down till 22266.15 before closing at 22341.35
 


Now for this week Bank Nifty needs to break and sustain above 22488 for long confirmation, then we can expect a move till 22569 - 22626 levels initially and closing above 22621 we can expect the next move till 22779 - 22909 . Similarly Bank Nifty needs to break and sustain below 22228 for short confirmation then we can expect a move till 22148 - 22091 levels initially and closing below 22056  we can expect a further move till 21937 - 21807.  


Bank Nifty is now approaching a resistance zone of 22525 - 22630 and further upmove can be seen on closing above this range. Those who are holding long should keep a cbsl of 22228 for their position. Those who are looking to go short on a further up move should keep a strict cbsl of 22705.

For the month of April, Bank Nifty gave a up move of nearly 575+ points after breaking and sustaining above our monthly long confirmation level of 21805. 


For today if Bank Nifty spot sustains above 22392 we can see a initial move till 22445 & on sustaining above 22458 we may see further move till 22554 . Similarly if Bank Nifty spot sustains below 22291 we may see a initial move on the downside till 22238 &  on sustaining below 22225 we may see further move till 22129


Bank Nifty Spot Levels for the day are

Long above 22392 for 22422 
– 22458 – 22554 , SL 22326

Short below 22291 for 22260 – 22225 – 22129 , SL 22357

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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.