Wednesday, 17 May 2017

Bank Nifty Spot Outlook for 18th May

BANK NIFTY


Bank Nifty spot opened at 22972.35 and made a low of 22830.10 , it made a high of 22978.15 before closing at 22935.95

Had mentioned that long positions can be taken above 22992 and short positions can be taken below 22865. Bank Nifty triggered our short trade but did not complete any target . Bank Nifty traded in a very narrow range today and we should see a bigger move tomorrow. 

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 triggered our weekly long trade and completed our initial 3 targets giving around 150+ points . Bank Nifty now has  a small resistance near 22985 - 23058 zone .  Had mentioned in the previous post that "Further upmove for this series can be expected on Bank Nifty sustaining / closing above 22985 ." , Bank Nifty made a high of 22978 and was unable to break / close above it . Bank Nifty has a good support near 22570 - 22505 and those who would have taken a short trade near today's high with a cbsl of 22985 should watch for these levels if Bank Nifty triggers daily shorts and completes all targets for the day.


For today if Bank Nifty spot sustains above 22978 we can see a initial move till 23023 & on sustaining above 23034 we may see further move till 23115 . Similarly if Bank Nifty spot sustains below 22894 we may see a initial move on the downside till 22849 &  on sustaining below 22837 we may see further move till 22756


Bank Nifty Spot Levels for the day are

Long above 22978 for 23005 
– 23034 – 23115 , SL 22923

Short below 22894 for 22867 – 22837 – 22756 , SL 22949

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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.