Thursday, 11 May 2017

Bank Nifty Spot Outlook for 12th May

BANK NIFTY


Bank Nifty spot opened at 22916.05 and made a high of 22977.85 , it made a low of 22764.65 before closing at 22818.45

Had mentioned that long positions can be taken above 22888 and short positions can be taken below 22773. Bank Nifty triggered our long trade for the day and completed 2 targets giving around 80 points . 

Had mentioned at the start of the week that " 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 22993 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 sessions and has completed 4 targets giving around 250+ points till now . Was expecting a test of 22875 - 22948 as long as Bank Nifty is not breaking and sustaining below 22625 - 22525 zone as mentioned in the previous post and today we saw a high of 22977.85 . Now further upmove can be expected on breaking and sustaining above 22993 spot . Though Bank Nifty today broke the trading range of 22502 - 22875 it failed to give a close above it . 


For today if Bank Nifty spot sustains above 22877 we can see a initial move till 22938 & on sustaining above 22954 we may see further move till 23065 . Similarly if Bank Nifty spot sustains below 22760 we may see a initial move on the downside till 22699 &  on sustaining below 22683 we may see further move till 22572


Bank Nifty Spot Levels for the day are

Long above 22877 for 22913 
– 22954 – 23065 , SL 22800

Short below 22760 for 22724 – 22683 – 22572 , SL 22836

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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.