Bank Nifty Today August 29th 2017: Today was a negative session on the back of geo political tensions, as bank nifty opened the day by gaping down by 75 points and moved up 18 points from the opening to hit the intraday highs of 24,320.95.
For the entire session bank nifty was trading in the red. As the index managed to break 13-Day and 5-Day EMA to test the intraday lows of 24,103.30 and finally managed to close the day at 24,128.95 by losing 248 points for the day.
All the bank nifty stocks closed in the red. Bank of baroda is the top loser on the back of nifty exclusion from sep 29th by losing 2.91% for the day.
29th August 2017 Intraday Movement:
Opening: 24,302.00; High: 24,320.95 Low: 24,103.30
Closing: 24,128.95 (-248.15)
31 AUG 2017 Expiry Bank Nifty Futures: 24,107.10(-269.95)
Bank Nifty Support and Resistance for tomorrow 30th August 2017:
Bank nifty as a strong support 24,000 which the 50-Day EMA and resistance are placed at 24,250 and 24,437 which is the 13-Day and 20-Day EMA respectively.
Bank Nifty Forecast/Outlook for 30th August 2017:
Today’s movement in the nifty shows an bearish belt hold pattern as the opening price is high point of the day and closing price is near the low point of the day which suggests bears are taking control of the market.
As said yesterday today’s closing will definite the trend. We feel 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 yesterday’s high.
Notable action for the day is bank nifty closed well below 13-Day and 5-Day EMA and also bank nifty futures drifted into the discount of 21 points which means futures price is less than bank nifty spot price.
Safe traders can wait in the sidelines till geo-political tension and expiry goes away.
Bank Nifty Target for tomorrow: On the upside bank nifty can hit 24,250 levels and on the downside 24,000 levels are possible.
What are the negatives for bank nifty?
Bank nifty trading below 5-Day, 13-day and 20-Day EMA and also 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 24,000.
Bank Nifty Trend for Wednesday: 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:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Bank Nifty Aug 2017 Expiry Strategy:
- Safe traders can wait till geo-political tensions settles down since there will be lot of volatility in the market.
- One can go short on any meaningful bounce back towards 24,250 levels for target of 23,500.
- For more free nifty strategy Click here!!!
Visit our website on 30th Aug 2017 8.30 PM to get the Bank nifty view for 31st Aug 2017.
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