Sunday, 30 August 2020

Bank Nifty Spot Outlook for 31st Aug

 In the previous session : 

Bank Nifty went up by 1011 points before closing higher by 923 points on Friday 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 28th Aug :

Bank Nifty triggered our long trade and completed and exceeded it by 600 points .

For 31st Aug :

Sustaining above 24650 enter for 24725 - 24815 - 25050 , SL 24560

Sustaining below 24400 enter for 24325 - 24235 - 23995 , SL 24485

Bank Nifty took out its expected resistance and gave a strong move . Now longs can be entered on dips towards 23225 and those who are short should exit if Bank Nifty fails to give a close below 23100 in any corrections. 

Bank Nifty had been underperforming for the past few months and now with the breakout it has the potential to test 26000+ levels which in turn will keep taking Nifty higher too and we may see the divergence get closed between both the index.

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 24611.80 on 28th Aug in the bounce from the fall till 16116.25  while Nifty has made a high of 11686.05 on 28th 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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