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Bank Nifty Target for Tomorrow 29th August 2017

Bank Nifty Today August 28th 2017: Today was also a range bound session, as bank nifty opened the day by gapping up by 75 points and moved lower to hit the intraday low of 24,301.35 by 9.30 AM.

After hitting the lows bank nifty was able to move slowly higher to hit the intraday high of 24,422.45 by 12.20 PM, then we can also see a range bound movement in the market of 122 points.

Finally bank nifty ended the day at 24,377.10 by gaining 102 points for the day.6 of the12 bank nifty stocks closed in the green. Federal bank is the top gainer by 3.01 % and Canara bank is the top dragger by losing 0.63%.

28th August 2017 Intraday Movement:

Opening: 24,351.25; High: 24,422.45 Low: 24,301.35

Closing: 24,377.10 (+102.90)

31 AUG 2017 Expiry Bank Nifty Futures: 24,377.05(+46.75)

Bank Nifty Support and Resistance for tomorrow 29th August 2017:

Bank nifty as a strong support near 24,250 and 23,950 which the 13-Day and 50-Day EMA and resistance are placed at 24,480 which is the 20-Day EMA respectively.

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Bank Nifty Forecast/Outlook for 29th August 2017: Today’s movement in the bank nifty shows an indecisive Doji pattern as the opening price and closing price is more or less at the same price which suggests buyers and sellers doesn’t have clear clue on the direction of the market. Tomorrow becomes as key day which will set the direction of the market.

Notable action of the day is Bank nifty was able to defend the 13-Day EMA , but bank nifty futures is witnessing long winding as the futures moved in the discount and the open interest is also decreasing which suggest there will be limited upside.

Bank nifty needed to cross 24,500 levels on closing basis to trigger fresh upmove and any negative closing on tomorrow can take bank nifty to test 24,000 in the coming days.

Traders can wait for the confirmation before creating long positions in the market.

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 trading below 20-Day and negative sentiment in the technical charts.

What are the positives for bank nifty?

Long term UP trend and bank nifty having strong support near 50-Day EMA placed at 23,975

Bank Nifty Trend for Tuesday: Sideways.

Bank Nifty Short Term trend: Down

Bank Nifty trading range for 31st AUG 2017 Expiry: Bank Nifty can move between 23,800-25,500 levels.

Bank Nifty Long Term up trend reversal point: Closing below 23,800 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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Bank Nifty Aug 2017 Expiry Strategy:

  1. Wait for closing above 24,500 to create long positions and closing below 24,200 to initiate short positions.
  2. For more free nifty strategy Click here!!!

Click here to view nifty target for 29th August 2017

Visit our website on 29th Aug 2017 8.30 PM to get the Bank nifty view for 30th Aug 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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