Outlook of Bank Nifty Today

Bank Nifty Outlook:-

Bank Nifty closed -0.63% lower at 29904.90, Bank Nifty April Future added fresh open interest, indicating a build-up of short positions. On the options front (APRIL expiry), across the board put long was seen in major out of the money strikes, while short build up was seen in major call option strikes of Nifty & Bank Nifty.

Daily Chart:

technical chart
technical chart
Bank Nifty Future Support-Resistance
R1/R2 30450/30650
S1/S2 29677/29319

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Bank Nifty Market Outlook

Bank Nifty Outlook:-

The Bank Nifty hit an all-time high as the rally in banking stocks continued for the second consecutive day.  The index surpassed its previous record high of 30,092 registered on March 22 and hit a fresh intraday high of 30275 in the morning trade. The rally was led by IndusInd Bank, followed by RBL Bank, Yes Bank, PNB, and Bank of Baroda.

Daily Chart:

bank nifty market chart
bank nifty market chart
Bank Nifty Future Support-Resistance
R1/R2 30500/31000
S1/S2 29750/29200

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Bank Nifty Market View

Bank Nifty index added fresh open interest, indicating a marginal addition of short positions. On the options front (March 28, 2018 expiry), short covering was witnessed in put writing positions, while fresh short positions were created in out of the money call option strikes.India VIX closed at 16.27, up ~2.63%

Weekly Chart

chart

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Bank Nifty Market Outlook

Bank Nifty Outlook:-

Bank Nifty witnessed a continuation of the positive momentum built in Wednesday’s trading session with benchmark indices ending the weekly expiry on a positive note extended its gain for the second consecutive session as rose 89 points to close at 27038.45 levels, an inching away from its key level of 27050.

Daily Chart:

chart

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Bank Nifty Market Outlook

Bank Nifty Outlook:-

Bank Nifty has broken is crucial support of 26,666 zones and been making lower highs – lower lows from last seven trading sessions.The index failed to surpass above 26,850 levels and closed 140 points lower at 26,654.25. It formed a bearish candle on daily scale as supply pressure is visible at higher levels.

Bank Nifty Future Support-Resistance

R1/R2

27750/28050

S1/S2

26790/26490

bank nifty image promotional

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Bank Nifty Market Outlook

Bank Nifty Outlook:-

Bank Nifty managed to respect 26,800 zone and recovered towards 27,000 zone. The index was up 85.20 points at 26,970.60 and formed a Long Legged Doji on daily scale. Long Legged Doji formation implies indecisiveness but now some buying interest at lower zone is seen in the market.However till it sustains below 27,150 zones, weakness could drag it towards 26,850 then 26,666 zones while on the upside hurdles at 27,150 then 27,350 zones.

Daily Chart:

chart

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Bank Nifty View

Bank Nifty failed to surpass 27,500 zones and corrected towards 27,220 levels. It has negated formation of higher lows of the last four session and finding multiple hurdles between 27,500 and 27,750 zones from five weeks.

Daily Chart

chart

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