Bank Nifty 21st May 2015
Bank Nifty Trend today was on slightly positive note most of the day Bank Nifty was consolidating around 18600 levels. As of our Bank Nifty Prediction and Bank Nifty Trend Minor and Major trend continue to remain down and there is no change in view. We did intraday trading and did go short in Bank Nifty around 18600 levels (we have carried part positions post intraday trading done) Our SL is 18649 bank Nifty Spot level.
Bank Nifty constituents
Within Bank Nifty State Bank of India, Federal Bank, HDFC Bank, Icici Bank and Yes bank were in the green. While Axis Bank, Punjab National Bank, Bank Of India were on the losing side. Axis Bank is looking very weak along with Icici Bank in the private sector banking space if we get a break down confirmation in Bank Nifty Futures then Axis Bank, Icici Bank are best short selling candidates as of Bank Nifty Trend today, while Punjab National Bank and Bank of India are the best short selling candidates from the public sector banking space. Icici Bank has important time cycle resistance between 22nd May 2015-25th May 2015.
Bank Nifty Resistance, Support Levels and View.
Bank Nifty Trend is down. Bank Nifty Spot has resistance at 18649. Untill and unless 18649 (Minor Trend changes to up above 18649) is crossed we don’t recommend Buying any positions, even if 18649 is crossed and Minor Bank Nifty Trend changes to up then also Buying should only be done with small stop loss at low risk entry points (details to our clients). Axis Bank has resistance at 572 Untill and unless 572 Nse spot price is taken out do not even try to catch Axis Bank. Bank Nifty Futures will be very volatile from 21st May 2015 till 11th June 2015 sharp and wild swings will be seen extreme caution is advised in trading positions.
Bank Nifty Futures live updates will be given as and when possible.
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