Bank Nifty Spot Outlook for 04th Aug

BANK NIFTY

Bank Nifty spot opened at 25002.85 , made a high of 25005.15 , it made a low of 24619.60 ,  before closing at 24675.05  .

Had mentioned that long positions for the day can be taken above 25105 and short positions for the day can be taken below 25005 . Bank Nifty triggered our short trade and completed all our short targets for the day and fell beyond it by 220 points . opened above our 1st long target and reversed to trigger our short trade for the day and completed all our short targets. Bank Nifty today triggered our weekly short trade and completed our initial 3 weekly short targets too . Those who followed the weekly levels after the last target for the day was done  would have got better points . 

Had mentioned in the previous post "  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 . Bigger move can be expected only on breaking and sustaining / closing beyong the range of 24850 - 25350 .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 breaking below 25000 we saw the stoploss for longs being taken and sustaining below 24865 we saw a further correction of 230+ points . Now in the coming session Bank Nifty needs to break and sustain below 24615 to test 24555 - 24505 levels initially and below it we can see a test of 24435 - 24365 . Those who are holding shorts should now move up their cbsl to 24865 from 25340 spot mentioned  previously .

Bank Nifty Spot Levels for the day are

Long above 24750 for 24795 – 24850 – 24990 , SL 24650

Short below 24600 for 24555 – 24500 – 24360 , SL 24700

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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.