Bank Nifty Support & Resistance and target for tomorrow 9th 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 24,250 levels and on the downside 23,900 levels are possible.
Bank Nifty trading calls for 9th 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. 2733 for 2 more days.
How is the Bank nifty intraday movement today October 6th 2017?
Today bank nifty opened by 25 points in the green and gained momentum to hit the intraday high of 24,242.05.
After reaching the highs bank nifty traded in a narrow range of 90 points to close the day at 24,190 by gaining 131 points but 52 points lower from the highs of the day.
1 of 12 bank nifty stocks closed in the red. PNB is the top gainer for the second day in the row by gaining 3.55 % and IndusInd bank is the only loser by 0.37%.
Opening: 24,083.55; High: 24,242.05 Low: 24,074.35 Closing: 24,190.00(+131.95)
26 OCT 2017 Expiry Bank Nifty Futures closed at 24,228.05(+120.80)
Bank Nifty Forecast/Outlook for 9th Oct 2017:
Today’s movement in the bank nifty shows a bullish pattern as bank nifty opened near the low point of the day and closed well above the lows of the day.
Notable action of the day, bank nifty failed to cross 24,250 for the past 5 days and was facing resistance near the 13-Day EMA.
Bank nifty is trading within the highs and lows of the 27-sep-2017 for the past 6 days.
Nifty is looking strong but bank nifty is not supporting it as the heavy weights HDFC, ICICI and Axis bank are trading flat.
Even though today there was a 131 points gain, futures didn’t reflect the same as the open interest was decreasing by 6.5% and also future premium lost 11 points today, so there will not be a great runway rally in the market.
Bank nifty is well poised to test the previous low of 23,766 in the coming days. Positional traders can sell bank nifty on any up-move 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 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|
Positional Calls 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 losing by 28 points (i.e. Rs 1120)
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Visit our website on 09th Oct 2017 9.30 PM to get the Bank nifty view for 10th Oct 2017.
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