Tuesday, 6 June 2017

Bank Nifty Spot Outlook for 07th Jun


Bank Nifty spot opened at 23523.05 and made a new life time high of 23536.10 , it made a low of 23381.70 before closing at 23416.30 .

Had mentioned that long positions can be taken above 23548 and short positions can be taken below 23371. It was a good day for swing traders as Bank Nifty traded within the long and short trigger levels the entire day . 

Have mentioned in the previous posts that Bank Nifty has its immediate resistance near 23480 - 23515 zone and immediate support near 23115 - 22985 zone . We should see a bigger move once its breaks and sustains beyond this initial outer range of 23515 - 22985.
Bank Nifty has a strong support now near 22515 - 22480 zone . Bank Nifty has its next immediate resistance near 23760 - 23820 once it breaks and sustains / closes above 23480 - 23515 zone . Bank Nifty has its next immediate support near 22880 - 22800 once it breaks and sustains / closes below 23115 - 22985 zone . Today Bank Nifty broke above 23515 at opening but could not sustain above it . We have the RBI monetary policy meet on 07th June and we can expect an interesting trading day.

For today if Bank Nifty spot sustains above 23504 we can see a initial move till 23598 & on sustaining above 23621 we may see further move till 23789. Similarly if Bank Nifty spot sustains below 23328 we may see a initial move on the downside till 23235 &  on sustaining below 23212 we may see further move till 23043

Bank Nifty Spot Levels for the day are

Long above 23504 for 23559 
– 23621 – 23789 , SL 23389

Short below 23328 for 23274 – 23212 – 23043 , SL 23444

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.

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