Monday, 17 August 2020

Bank Nifty Outlook for 18th Aug

 In the previous session : 

Bank Nifty went up by 230 points then went down 275 points before closing higher by 21 points on Monday as compared to its previous day's  close . 

Bank Nifty had made a life time high of 32613.10 on 30th December and has since then  corrected by 15822 points . 

On 17th Aug :

Bank Nifty opened with a gap up above our 2nd long target and did not give a chance to trade. Post that Bank Nifty reversed to trigger our short trade and completed 2 targets doing 140 points and took our trailing stoploss. A day of indecisive moves again and we can expect a trending day in the coming sessions.

For 18th Aug :

Sustaining above 21785 enter for 21835 - 21895 - 22050 , SL 21725

Sustaining below 21615 enter for 21565 - 21510 - 21350 , SL 21675

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Bank Nifty had made a low of 16116.25 on 24th March. 

Bank Nifty has made a high of 23211.35 on 22nd July in the bounce from the fall till 16116.25  while Nifty has made a high of 11373.60 on 11th Aug from the lows of 7511 

How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance/support  . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 

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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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