Bank Nifty Today August 31st 2017: Today was a volatile session as bank nifty today opened the day by gapping up 46 points which turns to be the high point of the day at 24,354.35.
After opening bank nifty move lower to break 5-Day, 13-Day EMA and to mark the lows of the day at 24,207.70. Then bank nifty recovered 147 points to hit the intraday highs of 24,354.35 and later settle at 24,318.40 by closing flat by gaining 9 points for the day.
5 of the 12 bank nifty stocks closed in the red. Bank of baroda is the top loser by losing 1.15% for the day and PNB is the top gainer by gaining by 0.91%.
31st August 2017 Intraday Movement:
Opening: 24,354.35; High: 24,354.35 Low: 24,207.70
Closing: 24,318.40 (+9.70)
28 Sep 2017 Expiry Bank Nifty Futures: 24,353.70(+0.85)
Bank Nifty Support and Resistance for tomorrow 1st September 2017:
Bank nifty as a strong support 24,200 and 24,000 which is the 13-Day and 50-Day EMA respectively and resistance are placed at 24,500.
Bank Nifty Forecast/Outlook for 1st September 2017:
Today’s movement in the bank nifty shows an Hanging man pattern as the opening price and closing price are that the upper half of the day and the lows of the day is well below the opening and closing price which suggesting lose in the upward movement.
As we said before bank nifty is well poised to reach 23,200-23,250 levels in the short term. Any meaningful raise in the market can be used to short the market with a stop around 24,422.45 which is the 29th Aug 2017 highest point of the day, which can be seen in the today movement as bank nifty failed to cross 24,400 levels on the expiry day also.
Notable action for the day is bank nifty open price is equal to the high point of the day signalling bank nifty is facing pressure at the higher levels and also futures premium is just 38 points which suggests the upside will be limited.
Safe traders can wait in the sidelines till the closing above 24,500 or 24,200 levels.
Bank Nifty Target for tomorrow: On the upside bank nifty can hit 24,450 levels and on the downside 24,200 levels are possible.
What are the negatives for bank nifty?
Bank nifty is facing strong resistance around 24,400 and 24,500 levels.
What are the positives for bank nifty?
Long term UP trend and bank nifty having strong support near 50-Day EMA placed at 24,000.
Bank Nifty Trend for Friday: Sideways.
Bank Nifty Short Term trend: Down
Bank Nifty trading range for 28th Sep 2017 Expiry: Bank Nifty can move between 23,500-25,600 levels.
Bank Nifty Long Term up trend reversal point: Closing below 23,800 Levels.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Bank Nifty Sep 2017 Expiry Strategy:
- Safe traders can wait for trend confirmation above 24,500 or below 24,200 levels.
- Position created on 30-Aug-2017: Buy 28-Sep-2017 Expiry 24,500 PUT @ Rs.425 with target of Rs. 800 with stop around Rs.200.Current Status : Loss of 0.15 Points (i.e. losing Rs.6). Hold on to the positions
- For more free nifty strategy Click here!!!
Visit our website on 1st Sep 2017 8.30 PM to get the Bank nifty view for 2nd Sep 2017.
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