#Nifty
For 04-08-2020
Support for Nifty comes at 10860-10800-10720
Resistance for Nifty comes at 10935-10975-11035
BankNifty
Support for BankNifty comes at 21027-20926-20627
Resistance for BankNifty comes at 21160-21300-21480
Nifty preferred trade was to sell on rise, which we didn't get. However sell below 11000 achieved its first target of 10933 and missed second target of 10860 by 22 points.
For tomorrow all rallies to 10930-10970 are sell with SL of 11000 for target of 10860. For Nifty 10860 is important support below which it can be sold again for 10800-10720-10550 in coming weeks. Stop loss for this positional trade will be 11000. Nifty fresh buy will be close above 11160.
BankNifty broke the important support of 21600 in the open and below 21500 it was sell for 21300-21170-21000 and we got 21031. Not bad.
For tomorrow 21000-20880 is important support zone. Below 21027( July low) it can go down to 20627 and even 20000 is possible. I also have a scary level of 19000. But I don't think it will come. So as of now I am expecting down target of 20600-20500. We will sell BankNifty only below 20900 for target of 20600-20500.
Disclosure: I don't have any position in Nifty and Banknifty futures.
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