Monday, April 30, 2012

BANK NIFTY FUTURE EOD 30TH APR 2012




To receive email alerts  in future, please send a mail to turningpoints.in@gmail.com. 

BANK  NIFTY  FUTURE :

In the attached Chart, I have marked a triangle which shows that we are close to the apex of the triangle and break out is just a few days away. 

As can be seen on the chart, the upside breakout happens above 10530. While one would like to believe that the break out will be on the up side - with good results announced by leading private sector banks and much awaited cut in repo rates by RBI. However, the fact remains that this optimism is not reflected in the Bank Nifty chart, as we closed today with a  doji on the Monthly candle (not shown)  chart.

In view of the above, one needs to be prepared for a down side breakout in the coming few days and this will get confirmed  once Nifty Future  trades below 10000. On the downside, Bank Nifty Future will find support at 9835 (previous bottom), 9500 and 9200 over the coming days/weeks.

One can consider going short below 10200 with stop loss of 10300.

While the downside target of 8400 looks  unlikely today, one needs to be prepared for it once Bank Nifty Future  trades below 10000.  I am sure the reasons too will follow. Moreover,  you will also find that I have marked arrows on the attached chart which show  'gaps' - and these too have to be filled sooner or later. 

With Best Wishes,

Ketan  Asher.

2 comments:

  1. Very useful information on bank nifty futures I got to learn here. Traders can use financial advisory services like trading tip to earn well from market.

    ReplyDelete
  2. Good Post Keep it up thanks for sharing the information.
    How long do you plan to invest? How much do you expect to earn on this investment?

    birla sunlife
    sbi share future
    aurobindo pharma candlestick chart
    buy or sell
    uti fund
    kaya india
    stock market gainers
    canara bank exchange rate

    ReplyDelete