Tuesday, 1 August 2017

Bank Nifty Spot Outlook for 02nd Aug

BANK NIFTY


Bank Nifty spot opened at 25152.85 , made a low of 25000.90 , it made a new life time high of 25179.50 ,  before closing at another record high of 25122.80 . Bank Nifty gave a consecutive close above 25000  today .

Had mentioned that long positions for the day can be taken above 25150 and short positions for the day can be taken below 25060. Bank Nifty initially triggered our short trade and completed 2 targets and took our TSL . Bank Nifty then reversed and triggered our long trade but could not complete any targets . 


Had mentioned in the previous post "   Now Bank Nifty needs to break and sustain above 25150 in the coming session to test 25250 - 25300 levels. Those who are holding longs should now further trail their cbsl to 24865 . Those who are looking to go short on further upmove should keep a strict cbsl of 25340 spot ", and today Bank Nifty broke above 25150 but could not find a follow up move to test 25250 - 25300 levels . We have the RBI policy tomorrow and we can expect to see a good move in Bank Nifty  . For tomorrow the view remains the same , above 25150 we should see a test of 25250 - 25300 levels initially and below 25000 we should see a test of  24950 - 24850 initially .


Bank Nifty Spot Levels for the day are

Long above 25170 for 25195 
– 25230 – 25315 , SL 25110

Short below 25075 for 25050 – 25015 – 24930 , SL 25135

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.