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Bank Nifty Target for Tomorrow 21st July 2017

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:

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

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Visit our website on 21st July 2017 8.30 PM to get the Bank nifty view for 24st July 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

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2 comments

  1. y v srinivasa rao

    your predictions are excellent, but the range is more. The prediction is on the based on pure technicals OR demand and supply OR derivative analysis what exactly.

    • Thanks for your comments. Our predictions are done based on technicals,derivative along with the events like RBI policy,FED policy etc. Our range is more since our idea is to trade less with a 2-4 weeks horizon and also bank nifty is volatile more than nifty. Last month we did only 3 trades in nifty which gave 24K profit. In coming weeks we will publish weekly strategies for bank nifty.

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