Bank Nifty Today August 10th 2017: Bank nifty opened day in negative note by losing 74 points in the red and the negative bias continued which made bank nifty to when break the 50-Day EMA placed at 23,915
After breaking 50-Day EMA bank nifty moved further down to hit the lows of 23,822 and finally recovered 400 points from the lows to close at 24,217.35 by losing 157 points for the day.
Only 1 of 12 bank nifty stocks closed in the green. Bank of Baroda is top loser by losing 4.35 % percentage and Kotak is the only bank gaining for second day by 0.44%.
10th August 2017 Intraday Movement:
Opening: 24,300.45; High: 24,326.90 Low: 23,822.20
Closing: 24,217.35 (-157.25)
31 AUG 2017 Expiry Bank Nifty Futures: 24,306.30(-167.10)
Support: 24,250 and 23,900
Resistance: 24,780 and 25,000
Bank Nifty Forecast/Outlook for 11th August 2017: Bank Nifty forms a hammer pattern in the charts. Hammer pattern means the most of the session prices were traded in the red and finally closing price is just above or below the open price. This pattern suggests bank nifty is taking support near 24,800 levels.
On the other hand bank nifty closed below all the key 5-Day, 13-Day and 20-Day EMA and also 20-Day EMA crosses above 5-Day EMA which also signaling bearish sentiment in the market.
Since bank nifty have confirm the head and shoulder pattern in the charts we expect bank nifty is hit 23,700 levels in days come.
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 Friday: 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:
|No of trades||Only 3|
|Total Points Gained||325 Points Gained|
|Total Profit||Rs 24,375|
Bank Nifty Aug 2017 Expiry Strategy:
- 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.Current Status : Loss of Rs .645
- Position created on 10-Aug-2017: Buy one lot of 24,500 PUT at Rs 350 hold the position for a target of Rs 700 with stop around 150.
- For more free nifty strategy Click here!!!
Visit our website on 11th Aug 2017 8.30 PM to get the Bank nifty view for 14th Aug 2017.
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