Thursday, 22 June 2017

Bank Nifty Spot Outlook for 23rd Jun


Bank Nifty spot opened at 23716.85 and made a high of 23897.85 , it made a low of 23694.15  , before closing at 23736.10

Had mentioned that long positions can be taken above 23759 and short positions can be taken below 23659 .  Bank Nifty triggered our long trade for the day and missed our last target by 22 points . Bank Nifty had triggered our weekly long trade in the previous sessions and today completed our 5th weekly long target at 23883 giving nearly 300+ points from the weekly long trade . 

Had mentioned in the previous post " Bank Nifty has its next immediate resistance near 23760 - 23820 once it breaks and sustains / closes above 23480 - 23515 zone " and Bank Nifty made a high of 23897.85 on sustaining above this zone today but failed to close above it . Bank Nifty has its immediate support near 23285 - 23115 which can be tested once it breaks and sustains / closes below 23585 - 23425 zone in the coming sessions .  Had mentioned previously "Those who are holding longs can look to book once near 23930 - 24030 on sustaining above 23820 " , and today Bank Nifty made a high at 23897.85 near the expected zone . Also had mentioned in the previous post " Those who are looking to go short should keep a strict cbsl of 23930 , as a consecutive close above it can take Nifty towards 24230 - 24450 levels " , and Bank Nifty gave a good entry for swing traders to take a short trade today near 23900 with a cbsl of 23930 .

For today if Bank Nifty spot sustains above 23783 we can see a initial move till 23832 & on sustaining above 23845 we may see further move till 23934. Similarly if Bank Nifty spot sustains below 23689 we may see a initial move on the downside till 23640 &  on sustaining below 23628 we may see further move till 23538

Bank Nifty Spot Levels for the day are

Long above 23783 for 23812 
– 23845 – 23934 , SL 23722

Short below 23689 for 23661 – 23628 – 23538 , SL 23751

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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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