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Bank Nifty Target for Tomorrow 31st August 2017

Bank Nifty Today August 30th 2017: Today was a positive session after yesterday’s panic selling after the geo political tensions, as bank nifty today opened the day by gapping up 125 points.

For the entire session bank nifty was trading in the green. As the index managed to cross 13-Day, 5-Day and 20-Day EMA within few times of the opening and rallied further to hit the intraday high of 24,384.10.

Before the closing bank nifty lost 76 points from the highs to close the day at 24,308.70 by gaining 179 points for the day.

Only 2 of the 12 bank nifty stocks closed in the red. Bank of baroda is the top loser by losing 0.43% for the day and Yes Bank is the top gainer by gaining by 1.77%.

30th August 2017 Intraday Movement:

Opening: 24,253.05; High: 24,384.10 Low: 24,241.30

Closing: 24,308.70 (+179.75)

31 AUG 2017 Expiry Bank Nifty Futures: 24,305.05(+197.95)

Bank Nifty Support and Resistance for tomorrow 31st August 2017:

Bank nifty as a strong support at 24,200 and 24,000 which is the 13-Day and 50-Day EMA respectively and resistance are placed at 24,500.

Bank Nifty Forecast/Outlook for 31st August 2017:

Today’s movement in the bank nifty shows an inverted hammer pattern as the opening price is at the low point of the day and closing price is way below the high point of the day suggests bank nifty is facing resistance near the highs of the day at 24,400 levels.

As we said 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 29th Aug 2017 highest point of the day, which can be seen in the todays movement as bank nifty failed to sustain above 24,400 levels.

Notable action for the day is bank nifty closed well above 13-Day and 5-Day EMA.

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 24,450 levels and on the downside 24,200 levels are possible.

What are the negatives for bank nifty?

Bank nifty is facing strong resistance around 24,400 and 24,500 levels.

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 Thursday: 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

Click here to view the Gold rates today

Bank Nifty Sep 2017 Expiry Strategy:

  1. Safe traders can wait till geo-political tensions settles down since there will be lot of volatility in the market.
  2. Position created on 30-Aug-2017: Buy 28-Sep-2017 Expiry 24,500 PUT @ Rs.425 with target of Rs. 800 with stop around Rs.200.
  3. For more free nifty strategy Click here!!!

Click here to view nifty target for 31st August 2017

Visit our website on 31st Aug 2017 8.30 PM to get the Bank nifty view for 1st Sep 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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