Bank Nifty Support & Resistance and target for tomorrow 5th OCT 2017:
Bank nifty as a strong resistance 24,300 and 24,450 and supports are placed at 24,000 and 23,800.
Tomorrow’s upside target for bank nifty can be 24,300 levels and on the downside 23,900 levels are possible.
Bank Nifty trading call for 5th October 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 and sell Bank nifty futures in the opening for a target of 6000 and stop loss of Rs.4000. Hold the position for 3- 4 Days.
How is the Bank nifty intraday movement today October 4th 2017?
Today bank nifty opened with a gap up of 21 points and moved down to reach the intraday lows of 24,058.65.
After reaching the lows bank nifty moved higher and recorded the intraday highs of 24,230 immediately after the RBI credit policy announcement.Finally by the end of the day bank nifty closed at 24,113.30 by gaining 9 points but lost 120 points for the highs of the day.
5 of 12 bank nifty stocks closed in the red. Kotak bank is the top gainer by gaining 2.28 % and ICICI is the top loser by 0.83%.
Opening: 24,124.15; High: 24,230.45 Low: 24,058.65 Closing: 24,113.30(+9.90)
26 OCT 2017 Expiry Bank Nifty Futures closed at 24,145.40(+33.60)
Bank Nifty Forecast/Outlook for 5th 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 3 days and today there was heavy selling at the higher levels and closed flat.
Bank nifty futures today gained 24 points premium and was trading with a 32 points premium.
We expecting bank nifty to test 23,700 levels. Positional traders can sell bank nifty on any upmove for target of 23,700.
Nifty is looking strong but bank nifty is not supporting it as the heavy weights HDFC, ICICI and Axis bank are falling.
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 on to the positions as currently gaining by 55 points (i.e. Rs 2200)
- 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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