Bank Nifty – 8th August

11 months ago

Bank Nifty : Time for small correction again

Bank Nifty Chart

Apologies for late post as this post is about yesterday and today both. 

Bank Nifty opened at high and then came down. It spent all day between initial highs and lows, with tipid volume. Looks like a little downward movement is in offing. Maybe today or tomorrow.

The overall trend is still up and looks like we will continue seeing new highs in coming days. So, when such resistance is there, there are two ways to deal with it:

  • You book partially and then re enter when upward movement starts again
  • You book and go partially short (this is for people who are sitting in front of their trading terminal). Here too, you reverse when the upward movement starts again.

Try and see which way suits you. Keep your positions light till you develop a comfortable system.