Tuesday, 23 May 2017

Bank Nifty Spot Outlook for 24th May

BANK NIFTY


Bank Nifty spot opened at 22674.90 and made a high of 22740.40 , it made a low of 22492.20 before closing at 22582.80 

Had mentioned that long positions can be taken above 22701 and short positions can be taken below 22605. Bank Nifty triggered our short trade and missed our last target by 44 points .  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 with a cbsl of 22985 should watch for these levels " and today Bank Nifty made a low of 22492.20 and took support to close just above 22570 . Those who were carrying their short positions from the previous session with the cbsl of 22985 would have got nearly 400 points from the short trade . Bank Nifty had triggered our long trade and completed 1 target before taking our TSL.


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.  Had mentioned in the previous post that " Now Bank Nifty needs to break and sustain below 22630 to test the next supports at 22570 - 22505 " and today Bank Nifty made a low of 22492 after breaking and sustaining below 22630 . Bank Nifty is currently in  a trading range of 22515 - 22985 and sustaining / closing beyond this range is required for a bigger move .Today Bank Nifty broke the lower end of the range but closed well above it . Bank Nifty had confirmed our weekly shorts today and completed 4 targets and further down move was to be confirmed on sustaining closing below 22481 and Bank Nifty took support just above it at 22492 and reversed for the day . Now Bank Nifty needs to break and sustain below 22515 - 22481 zone for further correction . Those who have taken long positions today near the days low should keep a strict cbsl of 22481 for their positions .


For today if Bank Nifty spot sustains above 22628 we can see a initial move till 22676 & on sustaining above 22688 we may see further move till 22775 . Similarly if Bank Nifty spot sustains below 22538 we may see a initial move on the downside till 22490 &  on sustaining below 22478 we may see further move till 22390


Bank Nifty Spot Levels for the day are

Long above 22628 for 22656 
– 22688 – 22775 , SL 22569

Short below 22538 for 22510 – 22478 – 22390 , SL 22597

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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.