Bank Nifty Today June 16th 2017: Bank Nifty showed signals of reversal for the lows. As the bank nifty opened 57 points in the green and was trading mostly in the positive zone throughout the day. Bank nifty took support near its 13-Day EMA at 23,400 levels and also closed above 5-Day EMA placed at 23,478. 8 out of 12 bank nifty stocks closed in the green.
Bank Nifty 16th June 2017 Intraday Movement:
Opening: 23,448.60 High: 23,527.65 Low: 23,391.00, Closing: 23,502.75
Bank Nifty Spot: 23,502.75(+111.00)
Bank Nifty 29 JUN 2017 Expiry Futures: 23,460.15(+72.90)
Support: 23,300 and 23,000
Bank Nifty Forecast/Outlook for 19th June 2017: Bank Nifty forms a bullish pattern and also showing some signs of reversal but bank nifty futures discount further dip and also open interest is decreasing which is not backing this up move, so we suggest cautious while creating long positions.
Bank Nifty’s Negative Signal. Futures trading 42 points in the discount.
Bank Nifty’s Positive Signal: Long term UP trend
Bank Nifty View for Monday: Sideways with negative bias.
Bank Nifty Short Term trend: UP
Bank Nifty Target for 19th June 2017: Bank Nifty can move between 23,000 -23,750 levels.
Bank Nifty Long Term up trend reversal point: Closing below 22500 Levels.
Bank Nifty 29 Jun 2017 Expiry Strategy: Buy one lot 23500 PUT at 265 and sell two lots of 22800 PUT at 74. Total Premium: 117. Hold for a target of Rs 400 and stop loss Rs 10.Current Profit: 20.85 Points (i.e Total Profit: Rs 834)
Visit our website on 19th June 2017 8.30 PM to get the Bank nifty view for 20th June 2017.
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