Thursday, 7 April 2016

Nifty and Bank Nifty Spot Outlook for 08th April

NIFTY


Nifty spot opened at 7630.40, made a high at 7630.75 , then went down till 7535.85 before closing at 7546.45 . Today Nifty gave a short trade and completed 2 targets giving around 50 points . We were expecting 7580 to be broken yesterday but it happened a day later. Those who are now short should keep 7650 closing spot as their stop loss . As mentioned yesterday we were expecting a big move in this week , which should be on Friday now. Sustaining below 7580 spot we can test 7500 and below . We would need to break and sustain above 7669 spot to go back and retest 7777 .

For today Nifty spot has resistance on the upside near 7561 - 7572 , sustaining above 7590 is required to test 7619 - 7634 levels . Similarly Nifty spot has support on the downside near 7532 - 7521 , breaking and sustaining below 7503 we can test 7474 - 7460 levels.

Nifty Spot Levels for the day are

Long above 7577 for 7595 - 7617 - 7674

Short below 7516 for 7498 - 7476 - 7418


BANK NIFTY


Bank Nifty spot opened at 15668.95 ,made a high of 15726.60 ,then went down till 15458.05 before closing at 15530.75. Today Bank Nifty triggered a short call and completed more than one target giving around 80 points . We were expecting a break of 16000 - 16300 range in spot to give us 350 - 450 points and with today's low we have got around 550  points now below 16000 spot . We are expecting a big move on Friday and it would be interesting to see the close as its would also be a weekly closing . Breaking and sustaining below 15500 we can test 15250 and below .We would need to break and sustain above 16050 spot to go back and retest 16283 .

Bank Nifty Spot Levels for the day are

Long above 15623 for 15680 – 15745 – 15922

Short below 15438 for 15381 – 15316 – 15140

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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss