What Is Bank Nifty Target 2017? Make OR Break Analysis
What Can be the Bank Nifty Target 2017?
Last few analysis I have mainly concentrated on Nifty index. Those who are new to this site dont know that I have predicted 9150 in Nifty when Nifty was trading at 9600. The prediction gave a super 550 points gain to our readers. You can read the post at: Fresh Breakout? What Is The Next Target Of Nifty? Once our target zone hits I asked to stay in sidelines.
But what in store for Bank Nifty?
Watch the image below. You can see that Bank Nifty daily chart shows that Bank Nifty index has crossed its last make OR break zone of 20860 and once took support on make OR break.
So Bank Nifty is poised to touch its next make OR break (MOB) zone of 22375 now. When I wrote this post closing price of Bank Nifty index was 21623. So still almost 750 points upside left. Positional swing traders can try longs in dips with proper stop. So, my MOB calculation shows immediate Bank Nifty target 2017 comes close to 22375. Trade with a positive bias only.
The Nifty Make OR Break View:
Watch the daily chart of Nifty below. We can see that Nifty is finally crossing the upper edge of the make OR break on closing basis. This throws bank new Nifty target 2017 for us.
For Nifty next target lets change over to weekly chart. The weekly chart throws a different story. Nifty is testing its weekly MOB zone at 9280.
If weekly bar can close above the upper edge of this MOB we can see a move till next MOB zone of 9575. A different calculation already has shown Nifty Target For April Expiry.
My Personal Thought: Whatever be the targets still there is no chance of weakness yet, though I personally will be happy if we get a correction to 9050 / 8900 to be sureshot for fresh upside. Till then trade with light positions.
Indrajit is a professional blogger and Trading System developer, Amibroker expert, Wordpress expert, SEO expert and Stock market analyst. Trading since 2000, he has started the journey of StockManiacs.net on 2008. He follows Indian and world stock markets closely.