Tuesday, 9 May 2017

Bank Nifty Spot Outlook for 09th May


BANK NIFTY


Bank Nifty spot opened at 22678.45 and made a low of 22632.5 , it made a high of 22835.15 before closing at 22767.35

Had mentioned that long positions can be taken above 22668 and short positions can be taken below 22542 . Bank Nifty opened above our go long levels for the day and made a temporary low of 22632.5 without hitting our stoploss of 22585 and almost did all the targets of the day. 

Now for this week Bank Nifty needs to break and sustain above 22708 for long confirmation, then we can expect a move till 22875 - 22948 levels initially and closing above 22948 we can expect the next move till 23145 - 23311 . Similarly Bank Nifty needs to break and sustain below 22502 for short confirmation then we can expect a move till 22335  levels initially and closing below 22262 we can expect a further move till 22065 - 21900.  Had mentioned in the previous post that "Today Bank Nifty has closed above 22621 opening doors for a move till 22779 - 22909 next . Those who are holding longs should move up their stoploss to 22625 spot " and we saw Bank Nifty make a high of 20853 and it also reversed to take the stoploss.


For today if Bank Nifty spot sustains above 22825 we can see a initial move till 22861 & on sustaining above 22902 we may see further move till 23013 . Similarly if Bank Nifty spot sustains below 22709 we may see a initial move on the downside till 22673 &  on sustaining below 22632 we may see further move till 22521


Bank Nifty Spot Levels for the day are

Long above 22825 for 22861 
– 22902 – 23013 , SL 22749

Short below 22709 for 22673 – 22632 – 22521, SL 22785

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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.