Sunday, 7 May 2017

Bank Nifty Spot Outlook for 08th May

BANK NIFTY


Bank Nifty spot opened at 22844.85 and made a high of 22853.55 , it went down till 22514 before closing at 22604.95
 

Had mentioned that long positions can be taken above 22776 and short positions can be taken below 22664 . Bank Nifty opened near our 2nd long target for the day and reversed without giving any chance to take a long trade . Bank Nifty then triggered our short trade and missed our last target  by 29 points .

Now for this week Bank Nifty needs to break and sustain above 22772 for long confirmation, then we can expect a move till 22875 - 22948 levels initially and closing above 22993 we can expect the next move till 23145 - 23311 . Similarly Bank Nifty needs to break and sustain below 22438 for short confirmation then we can expect a move till 22335 - 22262 levels initially and closing below 22217  we can expect a further move till 22065 - 21900.  Had mentioned in the previous post that "Today Bank Nifty has closed above 22621 opening doors for a move till 22779 - 22909 next . Those who are holding longs should move up their stoploss to 22625 spot " and we saw Bank Nifty make a high of 20853 and it also reversed to take the stoploss.


Had also mentioned in the previous post that " Though Bank Nifty has taken the cbsl (22705) for shorts today caution is advised at higher levels for longs if Nifty does not break and sustain above 9430 in the coming sessions " and Bank Nifty opened within the average of our next resistance range of 22779 - 22909 and reversed immediately as Nifty was not above to sustain even above its weekly long confirmation levels . 


For today if Bank Nifty spot sustains above 22668 we can see a initial move till 22735 & on sustaining above 22751 we may see further move till 22872 . Similarly if Bank Nifty spot sustains below 22542 we may see a initial move on the downside till 22475 &  on sustaining below 22458 we may see further move till 22340


Bank Nifty Spot Levels for the day are

Long above 22668 for 22707 
– 22751 – 22872 , SL 22585

Short below 22542 for 22503 – 22458 – 22340 , SL 22624

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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.