Tuesday, 30 May 2017

Bank Nifty Spot Outlook for 31st May

BANK NIFTY


Bank Nifty spot opened at 23142.10 and made a low of 23093.95 , it made a high of 23337.15 before closing at 23307.25


Had mentioned that long positions can be taken above 23280 and short positions can be taken below 23086. Bank Nifty triggered our long trade but could not complete any target for the day . There was a trade for swing traders as Bank Nifty traded between 23086 - 23280 . Have mentioned in the previous posts that Bank Nifty has its immediate resistance near 23480 - 23515 zone and immediate resistance near 23115 - 22985 zone . We should see a bigger move once its breaks and sustains beyond this initial outer range of 23515 - 22985 .


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 . Had mentioned in the previous post "Bank Nifty has closed below our weekly short trigger level and it now needs to sustain / close below the short confirmation level of 23114 for a further correction and being unable to do so we can see a revisit of the recent highs " and today Bank Nifty has moved above the weekly short trigger level.


For today if Bank Nifty spot sustains above 23405 we can see a initial move till 23510 & on sustaining above 23535 we may see further move till 23725 . Similarly if Bank Nifty spot sustains below 23209 we may see a initial move on the downside till 23105 &  on sustaining below 23079 we may see further move till 22890


Bank Nifty Spot Levels for the day are

Long above 23405 for 23465 
– 23535 – 23725 , SL 23277

Short below 23209 for 23149 – 23079 – 22892 , SL 23338

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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.