Bank Nifty Today August 8th 2017: Bank nifty opened day with 36 points in the green and further gained 24 points from the opening to hit the intraday high of 24,966.05. These initial gains was short lived as bank nifty started to move lower to break both 5-Day and 13-Day EMA and went on to reach the lows of 24,534.35.
Finally bank nifty was able to take support near 24,530 levels and recovered 60 points to close at 24,599.50 by losing 306 points for the day.
All 12 bank nifty stocks closed in the red. SBI, Yes bank, PNB and Bank of Baroda all these 4 stocks lost more than 2 percentage.
8th August 2017 Intraday Movement:
Opening: 24,942.20; High: 24,966.05 Low: 24,534.35
Closing: 24,599.50 (-306.85)
31 AUG 2017 Expiry Bank Nifty Futures: 24,693.40(-304.65)
Support: 24,500 and 24,250
Resistance: 24,780 and 25,000
Bank Nifty Forecast/Outlook for 9th August 2017: Bank Nifty forms a bearish belt hold pattern in the charts. Bearish belt hold pattern means the open price of the day is near the highs of the day and the closing price is near the lows of the day which suggests bears trying to take control.
On the other hand bank nifty closed below 5-Day and 13-Day EMA which also signaling bearish sentiment in the market.
Bank nifty is forming a head and shoulder pattern in the charts and any closing below 24,400 will confirm the pattern which will take the bank nifty to 23,900 levels.
As said previously 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 If there is closing below 24,400 tomorrow bank nifty’s short term trend will turn bearish. So be cautious before creating long positions in the market.
Any closing above 24,700 will trigger fresh up move.so better wait and watch for the levels.
What are the negatives for bank nifty?
Bearish signals in charts and bank nifty breaks 5-Day and 13-Day moving averages.
What are the positives for bank nifty?
Long term UP trend.
Bank Nifty View for Wednesday: 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 6.75 points (i.e Profit of Rs 270.00). Hold on to the positions,Even though today there was 300 points correction in the bank nifty our hedge strategy is in green.
- For more free nifty strategy Click here!!!
Visit our website on 9th Aug 2017 8.30 PM to get the Bank nifty view for 10th Aug 2017.
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