Bank Nifty Support & Resistance and target for tomorrow 4th OCT 2017:
Bank nifty as a strong resistance 24,300 and 24,450 and supports are placed at 24,000 and 23,800.
Upside target for bank nifty can be 24,300 levels and on the downside 23,900 levels are possible.
How is the Bank nifty intraday movement today October 3rd 2017?
Today bank nifty opened with a gap up of 147 points and moved further up to reach the intraday highs of 24,226.80 which is just 6 points from the opening.
Near the highs bank nifty was facing selling pressure which moved bank nifty to hit the intraday lows of 24,007.25 and finally managed to close at 24,103.40 by gaining 50 points for the day.
4 of 12 bank nifty stocks closed in the red. ICICI bank is the top gainer by gaining 0.65 % and SBI is the top loser by 1.00%.
Opening: 24,200.60; High: 24,226.80 Low: 24,007.25 Closing: 24,103.40(+50.40)
26 OCT 2017 Expiry Bank Nifty Futures closed at 24,111.80(+45.35)
Bank Nifty Forecast/Outlook for 4th oct 2017:
Today’s movement in the bank nifty shows a hanging man pattern which means opening was near the high point of the day then move lower and finally recovered to close well below the opening price. This pattern indicates sellers are using higher levels to create new positions or buyers are unwinding the positions at higher levels.
Notable action of the day, bank nifty was able to close just above the 5-Day EMA and also facing selling pressure near 24,250 levels and bank nifty is unable to cross 24,300 levels for the past 3 sessions and this level will be acting as a strong resistance in the coming days.
We expecting bank nifty to test 23,700 levels. Positional traders can sell bank nifty on any upmove for target of 23,700.
What are the indicators which are negatives and positives for bank nifty?
Negatives: Bank nifty is below 13-day and 20-Day EMA and 50-Day EMA. More over bearish signals in the charts.
Positives: Long term UP trend and bank nifty having strong support near 89-Day and 100- Day EMA which is placed at 23,855 and 23,720 levels.
Bank Nifty trading range for 26th OCT 2017 Expiry: Bank Nifty can move between 23,500-25,600 levels.
Bank Nifty Short term trend View: As long as bank nifty is staying above 23,800 on closing basis is positive for bank nifty. Currently 24,800 will be acting as a support and FII’s have been rolled over the short positions so we are expecting bank nifty to reach 23,200 levels. Bank nifty in our view is sell on rise.
Nifty Strategies Performance:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Recommendations for Bank Nifty 28 Oct 2017 Expiry
- Recommended on 29 Sep 2017: Sell 26 OCT 2017 Bank nifty futures at 24,200 for a target of 23,400 with stop around 24,600.Holding period 20-30 Days.Holding to the positions as currently gaining by 89 points (i.e. Rs 3560)
- For more free nifty strategy Click here!!!
Visit our website on 05th Oct 2017 9.30 PM to get the Bank nifty view for 6th Oct 2017.
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