Friday, 29 April 2016

Nifty & Bank Nifty Outlook for 29th April

Nifty spot opened at 7967.40 made a high at 7992 , then went down till 7834.45 before closing at 7847.25 . We had mentioned that long positions can be taken above 8002 and short positions can be taken below 7958 for the day .Today Nifty triggered a short trade and completed all our targets today giving around 70 points and those who would have used trailing stoploss would have got around 100 points .Nifty had just closed just above our range of 7772 - 7978 yesterday at 7979.90 and is still within that range . As mentioned yesterday  'Those who are holding longs should keep 7834 spot closing as stoploss for their positions'  and Nifty made a low of 7834.45 and has closed just above it . It could be taken out at opening tomorrow on weak global cues as bank nifty has already triggerd our closing stoploss for longs.

For today Nifty spot has resistance on the upside near 7862 - 7873 , sustaining above 7892 is required to test 7921 - 7936 levels . Similarly Nifty spot has support on the downside near 7832 - 7821 , breaking and sustaining below 7803 we can test 7774 - 7759 levels.

Nifty Spot Levels for the day are

Long above 7877 for 7895 - 7916 - 7972 , SL 7856

Short below 7818 for 7800 - 7779 - 7723 , SL 7838

BANK NIFTY


Bank Nifty spot opened at 16885.80 , made a high of 17023.35 and went down till 16692.70 before closing at 16716.90. We had mentioned long positions can be taken above 16941 and short positions can be taken below 16805 for the day.  Bank Nifty triggered a long trade at opening and did nearly 2 targets giving around 80 points and then got stopped out and went on to trigger a short trade and completed 2 targets giving around 100 points . Had mentioned yesterday that 'Bank Nifty has given a consecutive close above 16772 and we might see a retest of 17030 in the next 2 days mostly'. and today we saw it getting tested nearly . Today Bank Nifty has triggered the closing stoploss for longs which was at 16750 whereas Nifty has just about managed to hold on to its stoploss for longs. 

Bank Nifty Spot Levels for the day are

Long above 16792 for 16838 – 16890 – 17033 , SL 16740

Short below 16642 for 16596 – 16543 – 16401 , SL 16694

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