Tuesday, 25 August 2020

Bank Nifty Spot Outlook for 26th Aug

 In the previous session : 

Bank Nifty went up by 347 points before closing higher by 259 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 25th Aug :

Bank Nifty triggered our long trade and completed 2 targets giving 200 points  points 

For 26th Aug :

Sustaining above 23225 enter for 23300 - 23400 - 23640 , SL 23130

Sustaining below 22960 enter for 22880 - 22790 - 22545 , SL 23055

As mentioned yesterday we were expecting a move toward 23225 -23435 and we got a high of 23180.30 nearly completing the targets. Todays high nearly coincides with high of 23211.35 made on 22nd July in the bounce from the 24th March lows of 16116.25 . Expecting resistance around this zone . View negated on closing above 23450.

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 11460.35 on 18th 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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