Bank Nifty Today July 20th 2017: Bank nifty opens the days with a gap of 18 points and also near the lows of the day and gained the momentum to hit new life highs of 24,299.60 and then drifted 86 points from the highs to close the day at 24,213.35 by gaining 60 points for the day. Only 4 of 12 bank nifty stocks closed in the green and heavy weights are also gaining momentum.
Bank Nifty 20th July 2017 Intraday Movement:
Opening: 24,170.65 High: 24,299.60 Low: 24,170.65, Closing: 24,213.35
Bank Nifty Spot: 24,213.35(+60.70)
Bank Nifty 27 JUL 2017 Expiry Futures: 24,235.15(+26.70)
Support: 24,000 and 23,800
Resistance: Un-charted territory
Bank Nifty Forecast/Outlook for 21st July 2017: Bank Nifty forms an inverted hammer pattern which signals resistance near the high levels but bank nifty is able to maintain the higher highs and higher lows for the past 4 sessions. Futures premium are got decreased which is signals longs are getting covered and also RSI technical indicator shows there is negative divergence which means we cannot expect 500- 700 points rally in bank nifty. Better wait for the pullback towards 23,800 to initiate long positions.
Bank Nifty’s Negative Signal: Futures is trading with less momentum.
Bank Nifty’s Positive Signal: Long term UP trend and bullish bias.
Bank Nifty View for Friday: Sideways.
Bank Nifty Short Term trend: UP
Bank Nifty target range for 21st July 2017: Bank Nifty can move between 23,700 -24,400 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|
Visit our website on 21st July 2017 8.30 PM to get the Bank nifty view for 24st July 2017.
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