Bank Nifty Today July 14th 2017: Bank Nifty showed a gap up opening of 61 points in the green and lost the momentum to go down to hit the intraday lows of 23,755.95 and took support near the 5-Day EMA placed at 23,766 levels to move higher to close the day in the green by gaining 49 points at 23,937.70. Only 3 of 12 bank nifty stocks closed in the red.
Bank Nifty 14th July 2017 Intraday Movement:
Opening: 23,949.50 High: 23,963.65 Low: 23,755.95, Closing: 23,937.70
Bank Nifty Spot: 23,937.70(+49.05)
Bank Nifty 27 JUL 2017 Expiry Futures: 23,977.40(+98.00)
Support: 23,500 and 22,900
Resistance: 24,000 and 24,150
Bank Nifty Forecast/Outlook for 17th July 2017: Bank Nifty forms a hanging pattern which signals the caution for the current up-trend. We are suggesting for the past few days the RSI technical indicator shows there is negative divergence which means RSI indicator is moving down but the bank nifty is moving up. This type of divergence gives the signal that the rally will not be strong. Any closing below 23,600 where its 13-day moving average is placed can take the bank nifty to 23,200 levels. We expect bank nifty to hit 24,000 in the days to come and then will give up the gains.
Bank Nifty’s Negative Signal: Hanging man pattern.
Bank Nifty’s Positive Signal: Long term UP trend and Futures gaining premium.
Bank Nifty View for Monday: Positive bias.
Bank Nifty Short Term trend: UP
Bank Nifty target range for 17th July 2017: Bank Nifty can move between 23,700 -24,200 levels.
Bank Nifty Long Term up trend reversal point: Closing below 22500 Levels.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Bank Nifty 27 Jul 2017 Expiry Strategy:
- Position Created on 06-Jul-2017: Buy One lot 23,500 put @ 285 and also sell two lot 22,800 Put @ 86. Total Premium inflow: Rs 113. Hold for a target of 500. Current Loss of 79.55 points (i.e Loss of Rs. 3182)
- Position created on 11-Jul-2017: Buy One lot Nifty 9600 call @ Rs 210 and also buy Bank Nifty 24000 PUT at Rs 450. Target for a profit of Rs 15000 or with Stop loss of Rs 7500 from entry. Current status loss of : Rs 2208.Hold on to the position once bank nifty turns bullish it can take nifty to new highs above 10,000 so the trade will gain, if bank nifty falls we will gain via bank nifty put since nifty is strong compared to bank nifty.
Visit our website on 17th July 2017 8.30 PM to get the Bank nifty view for 18th July 2017.
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