Sunday, 28 May 2017

Bank Nifty Spot Outlook for 29th May

BANK NIFTY


Bank Nifty spot opened at 23151.40 and made a low of 23092.35 , it made a high of 23408.35 before closing at 23362.20


Had mentioned that long positions can be taken above 23284 and short positions can be taken below 23098. Bank Nifty tested our short triggered and immediately reversed . It then triggered our long trade and completed 2 targets for the day . Bank Nifty had triggered our weekly long trade in the previous session and went to on to complete all our weekly long targets and more . Bank Nifty gave nearly 500+ points from our weekly long trade and nearly 800+ from our reversal levels with cbsl of 22480 


Now for this week Bank Nifty needs to break and sustain above 23610 for long confirmation, then we can expect a move till 23764 - 23873 levels initially and sustaining / closing above 23939 we can expect the next move till 24165 - 24413 . Similarly Bank Nifty needs to break and sustain below 23114 for short confirmation then we can expect a move till 22961 - 22852  levels initially and sustaining / closing below 22786 we can expect a further move till 22560 - 22312.  Bank Nifty has a strong support now near 22515 - 22480 zone . Bank Nifty has immediate resistance near 23480 - 23515 zone and above that near 23760 - 23820 zone . Bank Nifty has its immediate support near 23115 - 22985 zone and below it near 22880 - 22800 . 


For today if Bank Nifty spot sustains above 23456 we can see a initial move till 23555 & on sustaining above 23580 we may see further move till 23759 . Similarly if Bank Nifty spot sustains below 23268 we may see a initial move on the downside till 23169 &  on sustaining below 23144 we may see further move till 22965


Bank Nifty Spot Levels for the day are

Long above 23456 for 23514 
– 23580 – 23759 , SL 23333

Short below 23268 for 23211 – 23144 – 22965 , SL 23391

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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.