Bank Nifty Support & Resistance and target for tomorrow 26th OCT 2017:
Bank nifty will be facing strong resistance around 25,200 and 25,500 and supports are placed at 24,700 and 24,500.Tomorrow’s upside target for bank nifty can be 25,200 levels and on the downside 24,700 levels are possible.
Bank Nifty trading calls for 26th October 2017:
Current Recommendation: Wait for expiry to end.
- Recommended on Oct 5th 2017, Bank Nifty is looking weak compared to nifty so pair trade in Nifty and Bank Nifty will be safe trade, so buy Nifty futures 9,920 and sell Bank nifty futures at 24,140 for a target of 6000 and stop loss of Rs.4000. Target achieved on 11-Oct-17.Profit of Rs 6,000.
- Recommended for 13th October 2017: Nifty is looking strong compared to bank nifty. So it’s better initiate a pair trade in index by buying nifty futures and selling bank nifty futures. For target of Rs. 6,000 and stop loss to Rs 4,000. Target achieved, Profit of Rs 6000.
How is the Bank nifty intraday movement today October 25th 2017?
Bank nifty opened the day with big gap up of 758 points on back on big reform push from the govt to recapitalize the banks with 2.11 lakhs crores.
After the opening bank nifty further move up by 177 points to hit the intraday high of 25,157.80 and then bank nifty lost 550 points from the highs to record the day’s low of 24,560.75 by 9.30 AM.
After 9.30 AM bank nifty slowly and steady moved up and crossed the opening levels to close the day above 25,000 marks by recovering 475 points.
5 of 12 bank nifty stocks closed in the red. PNB is the top gainer by gaining 46.20 % and Yes bank is the only loser by 5.96%.
Opening: 24,980.65; High: 25,157.80 Low: 24,560.75 Closing: 25,035.90 (+813.75)
26 OCT 2017 Expiry Bank Nifty Futures closed at 24,981.20(+743.65)
Bank Nifty Forecast/Outlook for 26th Oct 2017:
Today’s movement in the bank nifty shows a bullish hammer pattern in charts which means bank nifty saw a big opening and then there was a big intraday dip from the highs and finally market settled near the opening. This indicates buyers are using dips to add the position.
Notable action of the day, Bank nifty was able to close above 25,000 and also was able to close well above all the key moving average like 5-Day, 13-Day, 20-Day and 50-Day.
There are lot of shorts in the PSU banks got covered today and bank nifty is pushing the nifty after few months of underperformance. Bank nifty will be facing resistance near the previous highs of 25,198 levels.
Nifty is looking weak compared to bank nifty, so one can play safe by buying bank nifty and selling nifty.
Bank nifty is well poised to hit 25,500- 25,600 as long as bank nifty is above 24,700 level on closing bias.
What are the indicators which are negatives and positives for bank nifty?
Positives: Bank nifty is above 5-day, 13-day and 20-Day EMA and 50-Day EMA and bullish signals in the charts.
Negative: Bank nifty can faced resistance near 25,200 levels.
Bank Nifty can close the 26 OCT 2017 expiry between 24,700-25,300 levels.
Bank Nifty Short term trend View: As long as bank nifty is staying above 24,700 on closing basis is positive for bank nifty. Govt reform push have triggered new rally in bank nifty as shorts in the PSU banks are covered. Bank nifty can move to 25,600 levels if buying emerges after the short covering.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Positional Calls for Bank Nifty 30 Nov 2017 Expiry
- Position Recommended on 25-OCT-2017: Initiate a pair trade by selling Nifty 30 Nov 2017 Futures around 10,325-10,350 and also buy Bank nifty Nov futures around 25,150 -25,200 levels. Hold the position for target of RS.20, 000 with stop around Rs. 10,000..
- For more free nifty strategy Click here!!!
Visit our website on 26th Oct 2017 9.30 PM to get the Bank nifty view for 27th Oct 2017.
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