Tuesday, 4 August 2020

Bank Nifty Spot Outlook for 05th Aug

In the previous session : 

Bank Nifty went down by 14 points then went up by 504 points before closing higher by 418 points on Tuesday 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 04th Aug :

Bank Nifty triggered our long trade and did 468 points.

For 05th Aug :

Sustaining above 21640 enter for 21730 - 21835 - 22120 , SL 21535

Sustaining below 21340 enter for 21250 - 21145 - 20865 , SL 21445

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 11341.40 on 29th July 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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