Bank Nifty Today August 4th 2017: Bank nifty opened the day by losing 40 points and also near the lows of the day at 24,629.50. Today lows 24,591.80 is the 13-Day EMA where bank nifty took support and move higher to hit the intraday high of 24,879.70.
Bank nifty was able to close the day at 24,827.45 by gaining 152 points.
Only 2 out of 12 bank nifty stocks closed in the red. IDFC bank is the top loser for day by losing 1.29 % and SBI is the top gainer by gaining 1.56%.
4th August 2017 Intraday Movement:
Opening: 24,629.50; High: 24,879.70 Low: 24,591.80
Closing: 24,827.45 (+152.40)
31 AUG 2017 Expiry Bank Nifty Futures: 24,951.15(+144.15)
Support: 24620 and 24,250
Resistance: 25,000 and 25,200
Bank Nifty Forecast/Outlook for 7th August 2017: Nifty forms a bullish pattern in the charts which means bulls are not ready to give up easily to bears.
As said yesterday bank nifty can move towards 24,200 levels in the days to come before moving towards 25,500 which can be used as buying opportunity to build long positions. But today’s move shows bulls will defend the 13-Day EMA placed at 24,650 in the days to come which will be a strong support.
It requires strong closing above 25,000 levels to trigger fresh up move otherwise bank nifty will be trading in the range.
What are the negatives for bank nifty?
Bank nifty is below 5-Day EMA.
What are the positives for bank nifty?
Long term UP trend and bullish bias.
Bank Nifty View for Monday: Sideways.
Bank Nifty Short Term trend: UP
Bank Nifty target range for 7 AUG 2017: Bank Nifty can move between 24,600-25,200 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 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 : Gaining by 69.25 points (i.e Profit of Rs 2770.00). Hold on to the positions
Visit our website on 7th Aug 2017 8.30 PM to get the Bank nifty view for 8th Aug 2017.
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