Bank Nifty Today August 11th 2017: Bank nifty opened day in negative note by losing 267 points in the red. After weak opening bank nifty recovered 232 points to hit the intraday high of 23,191.20 by 12 .05 AM.
After reaching the high of 24,191.20 bank nifty started to drift lower to break the 50-Day EMA placed at 23,918 and further moved lower to hit the lows of 23,868.30 and in the last 30 minutes recovered some loss to close the day at 23,985.75 by losing 231 points.
Only 3 of 12 bank nifty stocks closed in the green. SBI is top loser by losing 5.58 % percentage on the back of results and federal bank is the top gainer by gaining 0.91%.
11th August 2017 Intraday Movement:
Opening: 23,958.25; High: 24,191.20 Low: 23,868.30
Closing: 23,985.75 (-231.65)
31 AUG 2017 Expiry Bank Nifty Futures: 24,085.60(-220.70)
Support: 23,920 and 23,750
Resistance: 24,250 and 24,330
Bank Nifty Forecast/Outlook for 14th August 2017: Today’s movement in the nifty shows a long-legged doji pattern, bearish candle in the charts, as the closing price and opening price is more or less equal even though there are huge movement in the trading day which indicates indecisiveness in the market.
Bank nifty is able to recover and close above 50-Day EMA which is positive sign. But overall trend looks weak and any rise can be used to short bank nifty for target of 23,400 until bank nifty closes above 24,200.
Bank nifty is looking weak compared to nifty.
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 and bank nifty having strong support near 50-Day EMA.
Bank Nifty View for Monday: 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 .345
- 2. 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. Current status: Booked Profit at 625 with 275 points (i.e Total Profit of Rs.11, 000.). Since Bank nifty bounced from 50-Day EMA position was square off and We are waiting for the bounce to create new short positions.
- For more free nifty strategy Click here!!!
Visit our website on 14th Aug 2017 8.30 PM to get the Bank nifty view for 16th 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