Tuesday, 12 April 2016

Nifty & Bank Nifty Outlook for 13th April

Nifty spot opened at 7669.25, made a low at 7663.35 , then went up till 7717.40 before closing at 7708.95 . Today Nifty triggered a trade on the long side and did not complete any targets. Today we saw Nifty moving in a very narrow range for the major part of the day and finally gave a close above 7700 again . We are expecting additional resistance near 7744 spot tomorrow and sustaining above it should be watched for further gains. Those who are holding longs should keep 7650 spot closing as stoploss for their positions now. We have a gann date on 14th (+/- 1 day ) and since it is a trading holiday we can expect it to play out today. Also it would a weekly close with a long weekend ahead with a few big companies announcing their result so one should trade with caution and avoid carrying any overnight positions at the end of the day.

For today Nifty spot has resistance on the upside near 7724 - 7735 , sustaining above 7753 is required to test 7782 - 7797 levels . Similarly Nifty spot has support on the downside near 7694 - 7683 , breaking and sustaining below 7665 we can test 7636 - 7621 levels.

Nifty Spot Levels for the day are

Long above 7737 for 7754 - 7773 - 7826

Short below 7681 for 7664 - 7645 - 7592


BANK NIFTY


Bank Nifty spot opened at 15809.10 ,made a low of 15794.15 , went up till 15958.80 before closing at 15880.20. Today Bank Nifty triggered a long trade and did not complete any targets. For the major part of the day we could not see a sync between the Nifty and Bank Nifty moves with one going up/down and the other not moving up/down along with it .Today we saw even Bank Nifty moving in a narrow range for the major part of the day. We are expecting additional resistance near 16157 spot and sustaining above it should be watched for further gains. Those who are holding longs should keep 15705 spot closing as stop loss for their positions. We have a gann date on 14th (+/- 1 day ) and since it is a trading holiday we can expect it to play out today. Also it would a weekly close with a long weekend ahead with a few big companies announcing their result so one should trade with caution and avoid carrying any overnight positions at the end of the day.

Bank Nifty Spot Levels for the day are

Long above 15953 for 15997 – 16048 – 16187

Short below 15808 for 15763 – 15712 – 15574

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