Thursday, 3 August 2017

Bank Nifty Spot Outlook for 03rd Aug


Bank Nifty spot opened at 25190.40 , made a new life time high of 25198.80 , it made a low of 24926.25 ,  before closing at 25055.20 .

Had mentioned that long positions for the day can be taken above 25170 and short positions for the day can be taken below 25075. Bank Nifty opened above our 1st long target and reversed to trigger our short trade for the day and completed all our short targets.

Had mentioned in the previous post "   Now Bank Nifty needs to break and sustain above 25150 in the coming session to test 25250 - 25300 levels. Those who are holding longs should now further trail their cbsl to 24865 . Below 25000 we should see a test of 24950 - 24850 initially Those who are looking to go short on further upmove should keep a strict cbsl of 25340 spot ", and today again Bank Nifty broke above 25150 but could not find a follow up move to test 25250 - 25300 levels . On breaking below 25000 we saw a low of 24926.25 within our range of 24950 - 24850. The view remains the same , above 25150 we should see a test of 25250 - 25300 levels initially and below 25000 we should see a test of  24950 - 24850 initially . Bigger move can be expected only on breaking and sustaining / closing beyong the range of 24850 - 25350 .

Bank Nifty Spot Levels for the day are

Long above 25105 for 25135 
– 25170 – 25265 , SL 25040

Short below 25005 for 24975 – 24940 – 24845 , SL 25070

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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.a

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