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Bank Nifty August Futures (50,360)
Bank Nifty index has begun the week on a weak note. The index opened with a wide gap-down at 50,586. It is currently trading at 50,260, down 2.1 per cent. The advances/declines ratio is at 0:12. This is very negative signal.
Bank Nifty outlook
The fall below 50,500 is significant. That could have increased the selling pressure in the index. The outlook is negative. Bank Nifty index can fall to 50,000-49,800 in the coming sessions.
The index has to rise above 50,500 to ease the downside pressure. But that looks less likely.
Bank Nifty Futures
The Bank Nifty August Futures (50,360) is down just over 2 per cent. Outlook is bearish. Resistance will now be around 50,600. The contract can fall to 49,900-49,800 in the coming sessions.
Trade Strategy
Traders can go short now at 50,360. Accumulate on a rise to 50,480. Keep the stop-loss at 50,640 initially. Trail the stop-loss down to 50,320 as soon as the contract falls to 50,220. Move the stop-loss further down to 50,120 when the contract touches 50,050. Exit the shorts at 49,950.
Supports: 49,900, 49,800
Resistances: 50,600, 51,000
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