Bank Nifty Today August 7th 2017: Bank nifty opened the first trading day of the week by gaining 27 points from the previous day’s close. After showing are green tick bank nifty was able to move higher to hit the intraday high of 24,979.35 by crossing the 5-Day EMA placed at 24,870 levels.
Finally bank nifty was able to defend the 5-day EMA and managed to close at 24,906.25 by gaining 78 points for the day.
Only 4 out of 12 bank nifty stocks closed in the red. IndusInd bank is the top loser for day by losing 0.85 % and SBI is the top gainer for the second day in the row by gaining 1.95%.
7th August 2017 Intraday Movement:
Opening: 24,854.15; High: 24,979.35 Low: 24,844.45
Closing: 24,906.25 (+78.90)
31 AUG 2017 Expiry Bank Nifty Futures: 24,998.05(+46.90)
Support: 24620 and 24,250
Resistance: 25,000 and 25,200
Bank Nifty Forecast/Outlook for 8th August 2017: Bank Nifty forms an inverted hammer pattern in the charts which means bulls are facing resistance near the highs of the day.
Inverted hammer pattern means closing price is well below the highs of the day and also closing price is above the opening price of the day. The pattern will be with small lower body and a long upper wick.
Previously we are having a view on the bank nifty that it 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 and also a range bound movement till bank nifty cross 25,000. Now on combining Fridays and today’s move range bound movement is confirmed. As it requires strong closing above 25,000 levels to trigger fresh up move or closing below 24,650 to correction.
We are bullish on the bank nifty as bank nifty is stronger than nifty.
What are the negatives for bank nifty?
Inverted hammer pattern and bank nifty futures is seeing shrink in premium.
What are the positives for bank nifty?
Long term UP trend and bullish bias.
Bank Nifty View for Tuesday: Sideways.
Bank Nifty Short Term trend: UP
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 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 83.00 points (i.e Profit of Rs 3320.00). Hold on to the positions
Visit our website on 8th Aug 2017 8.30 PM to get the Bank nifty view for 9th Aug 2017.
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