Tuesday, 6 June 2017

Bank Nifty Spot Outlook for 06th Jun

BANK NIFTY


Bank Nifty spot opened at 23397.40 and made a low of 23349.95 , it made a new life time high of 23494.70 before closing at 23459.65 which is a new life time high closing . Bank Nifty gave a close above 23450 for the first .


Had mentioned that long positions can be taken above 23466 and short positions can be taken below 23285. Bank Nifty triggered our long trade but could not complete any targets .

Have mentioned in the previous posts that Bank Nifty has its immediate resistance near 23480 - 23515 zone and immediate support near 23115 - 22985 zone . We should see a bigger move once its breaks and sustains beyond this initial outer range of 23515 - 22985.
Bank Nifty has a strong support now near 22515 - 22480 zone . Bank Nifty has its next immediate resistance near 23760 - 23820 once it breaks and sustains / closes above 23480 - 23515 zone . Bank Nifty has its next immediate support near 22880 - 22800 once it breaks and sustains / closes below 23115 - 22985 zone .


For today if Bank Nifty spot sustains above 23548 we can see a initial move till 23641 & on sustaining above 23665 we may see further move till 23835. Similarly if Bank Nifty spot sustains below 23371 we may see a initial move on the downside till 23278 &  on sustaining below 23254 we may see further move till 23085


Bank Nifty Spot Levels for the day are

Long above 23548 for 23603 
– 23665 – 23835 , SL 23432

Short below 23371 for 23317 – 23254– 23085 , SL 23487

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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.