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Bank Nifty Target for Tomorrow 7th August 2017

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

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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:

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

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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 : Gaining by 69.25 points (i.e Profit of Rs 2770.00). Hold on to the positions

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Click here to view nifty target for 7th August 2017

Visit our website on 7th Aug 2017 8.30 PM to get the Bank nifty view for 8th 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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2 comments

  1. So can you please tell me , what kind of strategy I should use for bank nifty of 10 Aug , if I buy the put of 24400.
    Should I wait till 10 Aug or square up tomorrow.

    • Do you have 24,000 PUT of 10-AUG PUT?. Hold with a stop-loss which you are afford to lose, since we may see a small correction after this strong rally but difficult to predict when.

      General view 95% of times nifty or bank nifty will recover from 13-Day EMA during up-trend. Currently 13-Day EMA for bank nifty is 24,651.Breaking below this level will give another 300 to 400 points cut.Since underlying trend is strong its better to avoid going short.Please follow below points before executing the trade for success.

      1. What is the logic or rational to execute the trade.
      2. Fix your target and stoploss before executing the trade.
      3. Dont get biased after entering the trade. As 99% of the traders lose because of not following the discipline.
      4. Always trade with the trend.
      5. Always trade after trend confirmation.
      6. Don’t lose your capital.
      7. Risk what you can afford to lose.

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