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Bank Nifty Target for Tomorrow 10th August 2017

Bank Nifty Today August 9th 2017: Bank nifty opened day in negative note by losing 80 points in the red and the negative bias continued which made bank nifty to break the 20-Day EMA placed at 24,525.

After breaking 20-Day EMA bank nifty moved further down to hit the lows of 24,328 and finally recovered 46 points from the lows of closed at 24,374.60 by losing 224 points for the day.

Only 1 of 12 bank nifty stocks closed in the green. Federal Bank is top loser by losing 3.56 % percentage and Kotak is the only bank gaining by 0.48 percentage.

9th August 2017 Intraday Movement:

Opening: 24,519.25; High: 24,532.40 Low: 24,328.10

Closing: 24,374.60 (-224.90)

31 AUG 2017 Expiry Bank Nifty Futures: 24,473.40(-220.00)

Support: 24,500 and 24,250

Resistance: 24,780 and 25,000

Bank Nifty Forecast/Outlook for 10th August 2017: Bank Nifty forms a bearish pattern in the charts. Bearish pattern means the open price of the day is near the highs of the day and the closing price is near the lows of the day which suggests bears trying to take control.

On the other hand bank nifty closed below all the key 5-Day, 13-Day and 20-Day EMA which also signaling bearish sentiment in the market.

As we said yesterday any closing below 24,400 will confirm the head and shoulder pattern in the charts. So Bank nifty can correct another 700 points from here.

Bank nifty is looking weak compared to nifty. Pair trade of long nifty and short bank nifty can be initiated.

What are the negatives for bank nifty?

Bearish signals in charts and bank nifty closes below 5-Day, 13-Day and 20-day moving averages.

What are the positives for bank nifty?

Long term UP trend.

Bank Nifty View for Thursday: Sideways.

Bank Nifty Short Term trend: Down

Bank Nifty target range for 31st AUG 2017: Bank Nifty can move between 24,700-25,200 levels.

Bank Nifty Long Term up trend reversal point: Closing below 23,800 Levels.

Nifty Strategies Performance:

Month Jun 2017
No of trades Only 3
Total Points Gained  325 Points Gained
Total Profit Rs 24,375

Click here to view the Gold rates today

Bank Nifty Aug 2017 Expiry Strategy:

  1. Position Created on 06-Jul-2017: Buy One lot 24,500 Call @ 480 and also sell two lot 25,500 Put @ 95. Total Premium Outflow: Rs 290. Hold for a target of 700 and stop around 50.Current Status : Booked loss of 40 points (i.e. loss of Rs 1600.00). Since bank nifty closed below 24,200 levels which is a key short term support.
  2. Position Created on 09-Aug-2017: Pair trade was executed by buying one lot of nifty aug futures at 9,940 and selling one lot of bank nifty aug futures at 24,450 and continue to hold for a profit of  Rs.10,000 and square off the position if loss goes above Rs.5000.
  3. For more free nifty strategy Click here!!!

Click here to view nifty target for 10th August 2017

Visit our website on 10th Aug 2017 8.30 PM to get the Bank nifty view for 11th Aug 2017.

Disclaimer – No Author at myfinanicalZone.com is registered with SEBI or any regulating authority as a Research Analyst or an Investment Adviser. Please Consult Your Investment Adviser before making any Investment/Trading decisions based on content posted in this Website. Here we write only what we do and all information posted in this website is for Educational purpose only

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