Bank Nifty Spot Outlook for 07th Aug

BANK NIFTY

Bank Nifty spot opened at 24629.50 , made a low of 24591.80 , it made a high of 24879.70 , before closing at 24827.45 .

Had mentioned that long positions for the day can be taken above 24750 and short positions for the day can be taken below 24600 . Bank Nifty triggered our short trade but could not complete any target and took our SL . It then reversed and triggered our long trade and completed 2 targets on the long side.  Bank Nifty had  triggered our weekly short trade and completed our initial 3 weekly short targets in the previous session and confirmation of further correction was to come below 24580 which did not get broken as the low made was 24591.80  . 

Had mentioned in the previous post "   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 " , we saw Bank Nifty break below 24615 but it could not sustain and bounced back . Bank Nifty has still not closed above 24865 which is the trailing cbsl now for shorts and if does not sustain above it in the coming session can see some pressure build up again.  Sustaining above it we can see a move again till 25150+ . Those who are looking to enter fresh shorts near the highs should keep a strict cbsl of 25340 .

Bank Nifty Spot Levels for the day are

Long above 24905 for 24950 – 25000 – 25145 , SL 24805

Short below 24750 for 24705 – 24655 – 24510 , SL 24850

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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.