Wednesday, 10 May 2017

Bank Nifty Spot Outlook for 11th May

BANK NIFTY


Bank Nifty spot opened at 22767.75 and made a low of 22742.05 , it made a high of 22859.40 before closing at 22830.35

Had mentioned that long positions can be taken above 22766 and short positions can be taken below 22648. Bank Nifty triggered our long trade for the day and completed 2 targets giving around 80 points . 

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 had completed 2 targets and today missed the 3rd initial target by 15 points 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 session . 


For today if Bank Nifty spot sustains above 22888 we can see a initial move till 22949 & on sustaining above 22964 we may see further move till 23075 . Similarly if Bank Nifty spot sustains below 22773 we may see a initial move on the downside till 22712 &  on sustaining below 22696 we may see further move till 22586


Bank Nifty Spot Levels for the day are

Long above 22888 for 22924 
– 22964 – 23075 , SL 22813

Short below 22773 for 22737 – 22696 – 22586 , SL 22848

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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.