Bank Nifty Support & Resistance and target for tomorrow 6th OCT 2017:
Bank nifty as a strong resistance 24,260 and 24,300 and supports are placed at 24,000 and 23,800.
Tomorrow’s upside target for bank nifty can be 24,200 levels and on the downside 23,900 levels are possible.
Bank Nifty trading calls for 6th October 2017:
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. Hold on the positions as currently gaining by Rs. 462 for 2 more days.
How is the Bank nifty intraday movement today October 5th 2017?
Today bank nifty opened flat and gained momentum to hit the intraday high of 24,188.30 by 10.05 AM.
After reaching the highs bank nifty moved lower and lower to reach 24,033.35 by breaking the 5-Day EMA and finally closed at 24,058.05 by losing 55 points for the day.
4 of 12 bank nifty stocks closed in the red. PNB is the top gainer by gaining 1.85 % and ICICI is the top loser for the second day in the row by losing 1.56%.
Opening: 24,114.75; High: 24,188.30 Low: 24,033.35 Closing: 24,058.05(-55.25)
26 OCT 2017 Expiry Bank Nifty Futures closed at 24,107.25(-38.15)
Bank Nifty Forecast/Outlook for 6th Oct 2017:
Today’s movement in the bank nifty shows a bearish pattern which indicates sellers are taking control at the higher levels.
Notable action of the day, bank nifty failed to cross 24,250 for past 4 days and today there was heavy selling at the higher levels and closed below the 5-Day EMA.
We expecting bank nifty to test 23,700 levels. Positional traders can sell bank nifty on any upmove for target of 23,700.
Bank nifty trading range of daily basis is in a decreasing trend for the past 6 days. The trading range was 565 on 27-Sep-2017 and today it was just 154 points and also bank nifty was trading within the highs and lows of the 27-sep-2017 for the past 5 days. Bank nifty is well poised to test the previous low of 23,766 in the coming days.
Nifty is looking strong but bank nifty is not supporting it as the heavy weights ICICI and Axis bank are falling for the second day in the row.
What are the indicators which are negatives and positives for bank nifty?
Negatives: Bank nifty is below 5-day, 13-day and 20-Day EMA and 50-Day EMA. More over bearish signals in the charts and also facing strong resistance near 24,250 -24,300 levels
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
- Bank nifty positional call 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 on to the positions as currently gaining by 93 points (i.e. Rs 3720)
- 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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