Nifty- BankNifty outlook for 23-27th Aug 21

Nifty Outlook

 

Nifty

The daily and weekly technical outlook & trend for Nifty remains “Neutral” for this week; implying an even risk-reward ratio. However, the monthly trend remains negative, indicating that Nifty might hit an obstacle sometime in the next few weeks. The momentum has, however, increased materially; implying a high probability of changes in the outlook and trend this week.

The day traders may avoid trading in the 16180-16260 nifty range, as in this range volatility may be high, and stop losses on both sides may get hit. The long positions may be held with a stop loss of 16235 (on a daily closing basis). Nonpositional short positions may be held with a stop loss of 16610 (on a daily closing basis).

Bank Nifty

The outlook and trend for Bank Nifty remain neutral on daily, weekly timeframes, while the monthly trend has turned positive now; implying a neutral risk-reward in the short term but a positive payout in the mid term. The momentum in Bank Nifty has increased materially; implying a high probability of change in the outlook and trend during the week.

For Bank Nifty day Trading may be avoided in the 34970-35195 range. For all long positions maintain a strict stop loss of 34950 (on a closing basis). Non-positional short positions may be held with a stop loss of 35460 (on a closing basis)

Nifty Levels

Nifty Bank Nifty Charts

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Author: Midas Finserve

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