Tuesday 7 July 2020

Bank Nifty Spot Outlook for 08th Jul

In the previous session : 



Bank Nifty went down by 158 points then went up by 475 points before closing higher by 429 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 07th Jul :


Bank Nifty initially tested our short trade but could not sustain and reversed to trigger our long trade with a gap up and did 330 points . 



For 08th Jul :

Sustaining above 22730 enter for 22795 - 22865 - 23060 , SL 22660

Sustaining below 22525 enter for 22465 - 22390 - 22200 , SL 22595





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 22479.55 on 24th Jun in the bounce from the fall till 16116.25  while Nifty has made a high of 10598.20 on 02nd Jul 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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