Bank Nifty Analysis 05-08-2022 (Pre-Open) NSE:BANKNIFTY
Rather than expected upward surprise Bank Nifty has broken crucial supports of this week during sharp afternoon sell off today (04-08-2022)
Trade Setup : (ALL CASH LEVELS) one can take action in Futures & Options accordingly
Sell Bank Nifty around sellers zone i,e around 37800-37850 zone (Retracement zone of last swing & sell off ) with stop loss at 38000 levels . If Bank Nifty opens week below 37550 levels (support line) then wait for pull back on upside and sell with Stop loss at 37900 . Keep Trailing Stop loss .
I am of Bearish View for the day and may look at short sell opportunities only :) . Trend may change above 38000 for upside but lets avoid any trades if market trades above stop loss levels .
Do Comment , share and "LIKE" if you find this info valuable to use .
Happy Hunting ,
Chintamani
Disclaimer
I am not SEBI registered analyst.
My studies are for educational & General purpose only.
Please Consult your financial advisor if you have plans of trading or investing.
You yourself hold sole responsibility of profits and your losses arising of above shared info
Rather than expected upward surprise Bank Nifty has broken crucial supports of this week during sharp afternoon sell off today (04-08-2022)
Trade Setup : (ALL CASH LEVELS) one can take action in Futures & Options accordingly
Sell Bank Nifty around sellers zone i,e around 37800-37850 zone (Retracement zone of last swing & sell off ) with stop loss at 38000 levels . If Bank Nifty opens week below 37550 levels (support line) then wait for pull back on upside and sell with Stop loss at 37900 . Keep Trailing Stop loss .
I am of Bearish View for the day and may look at short sell opportunities only :) . Trend may change above 38000 for upside but lets avoid any trades if market trades above stop loss levels .
Do Comment , share and "LIKE" if you find this info valuable to use .
Happy Hunting ,
Chintamani
Disclaimer
I am not SEBI registered analyst.
My studies are for educational & General purpose only.
Please Consult your financial advisor if you have plans of trading or investing.
You yourself hold sole responsibility of profits and your losses arising of above shared info
Comment:
Forgot to mention ..RBI Rate Decision Meeting is also there hence keep positions very light :)
Trade closed: stop reached:
Stop Loss reached for the published view . Fresh shorts can be taken only below 37800 again with Stop Loss at 38000 same as idea given . RBI has increased rates more than expected hence need to wait and watch.