Tuesday, 9 May 2017

Bank Nifty Spot Outlook for 10th May

BANK NIFTY


Bank Nifty spot opened at 22820.80 and made a high of 22835.35 , it made a low of 22664.35 before closing at 22707.30

Had mentioned that long positions can be taken above 22825 and short positions can be taken below 22709. Bank Nifty opened above long trigger but did not complete any target and took our stoploss . It then triggered our short trade and completed just 1 target .

Now for this week Bank Nifty needs to break and sustain above 22708 for long confirmation, then we can expect a move till 22875 - 22948 levels initially and closing above 22948 we can expect the next move till 23145 - 23311 . Similarly Bank Nifty needs to break and sustain below 22502 for short confirmation then we can expect a move till 22335  levels initially and closing below 22262 we can expect a further move till 22065 - 21900.  Bank Nifty had confirmed our weekly longs in the previous session and completed 2 targets but is yet to test our initial resistance zone of 22875 - 22948 which may still be tested as long as Bank Nifty is not breaking and sustaining below 22625 - 22525 zone . Bank Nifty has been trading in a narrow range of 22502 - 22875 and we should a break of this range in the coming sessions .


For today if Bank Nifty spot sustains above 22766 we can see a initial move till 22829 & on sustaining above 22845 we may see further move till 22957 . Similarly if Bank Nifty spot sustains below 22648 we may see a initial move on the downside till 22586 &  on sustaining below 22570 we may see further move till 22457


Bank Nifty Spot Levels for the day are

Long above 22766 for 22803 
– 22845 – 22957 , SL 22689

Short below 22648 for 22612 – 22570 – 22457, SL 22726

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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.