Bank Nifty Today August 3rd 2017: Bank nifty opened the day by losing 52 points and also near the high of the day which is 25,005.15. After opening with a 52 points down tick bank nifty drifted lower to breach the 5-Day EMA and move further lower to hit the lows of the day at 24,619.60. Index was able to take support near 24,620 levels to recover 55 points to end the day at 24,675 by losing 380 points for the day.
All the 12 bank nifty stocks closed in the red. PNB is the top loser for day by losing 6.07 %.
August 3rd 2017 Intraday Movement:
Opening: 25,002.85; High: 25,005.15; Low: 24,619.60.
31 AUG 2017 Bank Nifty Expiry Futures: 24,807.00(-326.85)
Support: 24620 and 24,250
Resistance: 24, 800, 25,000
Bank Nifty Forecast/Outlook for 4th August 2017: Bank Nifty forms a bearish belt hold pattern for the second day in the row. 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.
As said before any closing below 25,000 tomorrow can be negative for bank nifty which can take bank nifty to 24,700 levels which happened today and there can be correction towards 24,200 levels in the days to come.
In the longer time frame we are expecting bank nifty to move to 25,500 levels as the futures premium added another 55 points today. Before moving to 25,500 we can see a small correction which can be used as a buying opportunity.
What are the negatives for bank nifty?
Bearish pattern in the charts and also trading below the 5-Day EMA.
What are the positives for bank nifty?
Long term UP trend and also the future is gaining in premium.
View for Bank Nifty on Friday: Sideways.
Bank Nifty target range for 31st AUG 2017: Bank Nifty can move between 24,400-25,000 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 34.80 points (i.e Profit of Rs 1392.00). Hold on to the positions
Visit our website on 4th Aug 2017 8.30 PM to get the Bank nifty view for 7th Aug 2017.
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