Home / Market / Bank Nifty / Bank Nifty Target for Tomorrow 13th Oct 2017

Bank Nifty Target for Tomorrow 13th Oct 2017

Bank Nifty Support & Resistance and target for tomorrow 13th OCT 2017:

Bank nifty as a strong resistance 24,400 and 24,500 and supports are placed at 24,250 and 24,000.Tomorrow’s upside target for bank nifty can be 24,460 levels and on the downside 24,250 levels are possible.

Bank Nifty trading calls for 13th October 2017:

Recommendation for 13th October 2017: Nifty is looking strong compared to bank nifty. So it’s better initiate a pair trade in index by buying nifty futures and selling bank nifty futures around 9.20 AM on  October 13th. For target of Rs.  6,000 and stop loss to Rs 4,000.

Previous Calls: Recommended on Oct 5th 2017, Bank Nifty is looking weak compared to nifty so pair trade in Nifty and Bank Nifty will be safe trade, so buy Nifty futures 9,920 and sell Bank nifty futures at 24,140 for a target of 6000 and stop loss of Rs.4000. Target achieved on 11-Oct-17.Profit of Rs 6,000.

How is the Bank nifty intraday movement today October 12th 2017?

Today bank nifty opened by 44 points in the green and moved lower to reach the day’s low of 23,978 by 9.25 AM.

After reaching the lows bank nifty gained momentum to reach the intraday high of 24,393 and finally closing the day at 24,361.25 by gaining 253 points for the day.

4 of 12 bank nifty stocks closed in the red. IDFC is the top gainer by gaining 2.42 % and Canara bank is the only loser by 0.52%.

Opening: 24,151.45; High: 24,393.40 Low: 23,978.40 Closing: 24,361.25 (+253.80)

26 OCT 2017 Expiry Bank Nifty Futures closed at 24,385.15(+273.60)

Bank Nifty Forecast/Outlook for 13th Oct 2017:

Today’s movement in the bank nifty shows a bullish pattern in charts as bank nifty closed near the highs of the day.

Notable action of the day, bank nifty failed to cross yesterday high of 24,460.25 when nifty was gaining by 10,100 levels as bank nifty is under performing nifty in this month, but bank nifty is able to close above all few moving averages.

Bank nifty is trading just below the 22-Sep-2017 closing where bank nifty lost 430 points, any closing below 24,460 can trigger further up move.

But our positional view on bank nifty remain the same as bank nifty is sell on any up move for target of 23,700.

Nifty is looking strong but bank nifty is not supporting it as the heavy weights ICICI is losing.

What are the indicators which are negatives and positives for bank nifty?

Positives: Bank nifty is above 5-day, 13-day and 20-Day EMA and 50-Day EMA and bullish signals in the charts.

Negative: Bank nifty is struggling to hit new highs and was within the 24,400 levels.

Bank Nifty trading range for 26th OCT 2017 Expiry: Bank Nifty can move between 23,500-25,600 levels.

Bank Nifty Short term trend View: As long as bank nifty is staying above 23,800 on closing basis is positive for bank nifty. Currently 23,800 will be acting as a support and FII’s have been rolled over the short positions but we are expecting bank nifty to reach 23,200 levels. As Bank nifty in our view is sell on raise.

Nifty Strategies Performance:

Month Jun 2017
No of trades Only 3
Total Points Gained  325 Points Gained
Total Profit Rs 24,375

Click here to view the Gold rates today

Positional Calls for Bank Nifty 28 Oct 2017 Expiry

  1. Bank nifty positional call recommended on 29 Sep 2017: Sell 26 OCT 2017 Bank nifty futures at 24,200 for a target of 23,400 with stop around 24,600.Holding period 20-30 Days.Holding to the positions as bank nifty is not strong as nifty.
  2. For more free nifty strategy Click here!!!

Click here to view nifty target for tomorrow.

Visit our website on 13th Oct 2017 9.30 PM to get the Bank nifty view for 16th Oct 2017.

Disclaimer – No Author at myfinanicalZone.com is registered with SEBI or any regulating authority as a Research Analyst or an Investment Adviser. Please Consult Your Investment Adviser before making any Investment/Trading decisions based on content posted in this Website. Here we write only what we do and all information posted in this website is for Educational purpose only

Check Also

Bank Nifty

Bank Nifty Target for Tomorrow 4th October 2017

Bank Nifty Support & Resistance and target for tomorrow 4th OCT 2017: Bank nifty as …

One comment

  1. PRADIP KUMAR MANDAL

    what happend your bank nifty terget ?

Leave a Reply

Your email address will not be published. Required fields are marked *