Wednesday, 24 May 2017

Bank Nifty Spot Outlook for 25th May

BANK NIFTY


Bank Nifty spot opened at 22624.50 and made a high of 22673.40 , it made a low of 22469.80 before closing at 22536.30 


Had mentioned that long positions can be taken above 22628 and short positions can be taken below 22538. Bank Nifty initially triggered our long trade and completed just 1 target and took our TSL . It then triggered our short trade for the day and completed 2 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 with a cbsl of 22985 should watch for these levels " and today Bank Nifty made a low again of 22469.80 and took support to close within the support zone at 22536.30 . 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 . 


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 22469.80 after breaking and sustaining below 22515 . 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 again but closed within it . Bank Nifty had confirmed our weekly shorts in the previous session and completed 4 targets and now further down move will be confirmed on sustaining closing below 22481 . 

Now Bank Nifty needs to break and sustain below 22515 - 22481 zone for further correction in the coming session . Those who have taken long positions today near the day's low should keep a strict cbsl of 22481 for their positions . Bank Nifty has resistance near 22646 - 22693 on the upside and traders can look to go short near these levels on upmove with a cbsl of 22731 .


For today if Bank Nifty spot sustains above 22582 we can see a initial move till 22629 & on sustaining above 22641 we may see further move till 22728 . Similarly if Bank Nifty spot sustains below 22491 we may see a initial move on the downside till 22443 &  on sustaining below 22431 we may see further move till 22345


Bank Nifty Spot Levels for the day are

Long above 22582 for 22609 
– 22641 – 22728 , SL 22522

Short below 22491 for 22463 – 22431 – 22345 , SL 22550

Expiry Upper End : - 22705

Expiry Lower End : - 22368

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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.