Sunday, 21 May 2017

Bank Nifty Spot Outlook for 22nd May

BANK NIFTY


Bank Nifty spot opened at 22761.95 and made a high of 22902.25 , it made a low of 22628.45 before closing at 22769.80

Had mentioned that long positions can be taken above 22749 and short positions can be taken below 22648. Bank Nifty triggered our long trade at opening and missed our last target by 9 points giving us around 150 points from the long trade . It then reversed and went down to trigger our short trade but could not complete any targets .  Have been mentioning in the past couple of posts that " Bank 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 " , Bank Nifty again gave chance for going short with the cbsl of 22985 and those who would have taken the trade near the last long target would have gained 150+ points from the swing trade . 


Now for this week Bank Nifty needs to break and sustain above 22894 for long confirmation, then we can expect a move till 22970 - 23025 levels initially and closing above 23058 we can expect the next move till 23131 - 23295 . Similarly Bank Nifty needs to break and sustain below 22645 for short confirmation then we can expect a move till 22569 - 22515  levels initially and closing below 22481 we can expect a further move till 22368 - 22244.  Bank Nifty had in the previous week triggered our weekly long trade and completed our initial 3 targets giving around 150+ points and took resistance near 22985 and reversed by 300 points giving a good swing trade . Now Bank Nifty needs to break and sustain below 22630 to test the next supports at 22570 - 22505 . Bank Nifty is currently in  a trading range of 22515 - 22985 and sustaining / closing beyong this range is required for a bigger move .


For today if Bank Nifty spot sustains above 22817 we can see a initial move till 22866 & on sustaining above 22879 we may see further move till 22968 . Similarly if Bank Nifty spot sustains below 22723 we may see a initial move on the downside till 22673 &  on sustaining below 22661 we may see further move till 22571


Bank Nifty Spot Levels for the day are

Long above 22817 for 22846 
– 22879 – 22968 , SL 22755

Short below 22723 for 22694 – 22661 – 22571 , SL 22784

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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.