Wednesday, 6 April 2016

Nifty & Bank Nifty Spot Outlook for 07th April

NIFTY


Nifty spot opened at 7636.05, made a high at 7638 .65 , then went down till 7591.75 before closing at 7614.35 . Today Nifty opened above our long levels in preopen but immediately traded below it .Post that we did not get any trigger to trade today. As mentioned previously now this week we needed Nifty to break and sustain above 7768 - 7785 spot and a valid breakout of this range is required to test 7840 - 7880 range initially . Those who are still long positionally need to keep 7580 spot as stoploss for their positions. Today it was expected by many that Nifty might break our positional stop loss of 7580 but Nifty made a higher low today compared to yesterday and also closed slightly higher . We are expecting a big move in this week either tomorrow or Friday . Breaking and 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 7629 - 7640 , sustaining above 7658 is required to test 7687 - 7702 levels . Similarly Nifty spot has support on the downside near 7600 - 7589 , breaking and sustaining below 7571 we can test 7542 - 7527 levels.

Nifty Spot Levels for the day are

Long above 7644 for 7663 - 7684 - 7741

Short below 7585 for 7566 - 7545 - 7488


BANK NIFTY


Bank Nifty spot opened at 15750.15 ,made a high of 15768.55 ,then went down till 15578.55 before closing at 15636.95. Today Bank Nifty triggered a short call in the second half but did not complete any targets . We were expecting a break of 16000 - 16300 range in spot to give us 350 - 450 points and with today low we have got around 422 points below 16000 spot . Those who are long positionally need to keep 15500 spot as stop loss for their positions as mentioned before . We are expecting a big move in this week either tomorrow or Friday . 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 15730 for 15787 – 15852 – 16029

Short below 15544 for 15487 – 15422 – 15245

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