Tuesday, 16 May 2017

Bank Nifty Spot Outlook for 16th May

BANK NIFTY


Bank Nifty spot opened at 22735.85 and made a low of 22730.35 , it made a high of 22891.70 before closing at 22821.50

Had mentioned that long positions can be taken above 22735 and short positions can be taken below 22609. Bank Nifty triggered our long trade for the day and missed our last target giving 100+ points . 

Now for this week Bank Nifty needs to break and sustain above 22838 for long confirmation, then we can expect a move till 22940 - 23015 levels initially and closing above 23058 we can expect the next move till 23209 - 23375 . Similarly Bank Nifty needs to break and sustain below 22506 for short confirmation then we can expect a move till 22403 - 22330  levels initially and closing below 22285 we can expect a further move till 22135 - 21970.  Bank Nifty has closed just 18 points below our weekly confirmation levels and sustaining above it we may see a test of 23000+ now with a small resistance near 22985.   Further upmove for this series can be expected on Bank Nifty sustaining / closing above 22985 . 


For today if Bank Nifty spot sustains above 22886 we can see a initial move till 22953 & on sustaining above 22971 we may see further move till 23093 . Similarly if Bank Nifty spot sustains below 22757 we may see a initial move on the downside till 22690 &  on sustaining below 22672 we may see further move till 22550


Bank Nifty Spot Levels for the day are

Long above 22886 for 22925 
– 22971 – 23093 , SL 22802

Short below 22757 for 22718 – 22672 – 22550 , SL 22841

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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.