Wednesday, 20 April 2016

Nifty & Bank Nifty Spot Outlook for 21st April

Nifty spot opened at 7950.05, made a high at 7950. , then went down till 7877.55 before closing flat at 7914.75 . We had mentioned that long positions can be taken above 7948 and short positions can be taken below 7881 for the day .Today Nifty triggered a trade on both sides by a couple of points but reversed immediately indicating indecisiveness on further direction. As mentioned previously now those who are holding longs should keep 7763 spot closing as stoploss for their positions . We are expecting some resistance near 7883 - 7938 spot and one should watch the levels closely for any signs of reversal .

For today Nifty spot has resistance on the upside near 7930 - 7941 , sustaining above 7959 is required to test 7989 - 8004 levels . Similarly Nifty spot has support on the downside near 7900 - 7889 , breaking and sustaining below 7870 we can test 7841 - 7826 levels.

Nifty Spot Levels for the day are

Long above 7948 for 7969 - 7993 - 8057

Short below 7881 for 7860 - 7837 - 7773


BANK NIFTY


Bank Nifty spot opened at 16299.50 ,made a low of 16160.55 , went up till 16386.35 before closing at 16349.70. We had mentioned long positions can be taken above 16313 and short positions can be taken below 16132 for the day.  Bank Nifty triggered a long trade and completed 1 target on the long side giving around 70 points . Today Bank Nifty mildly outperformed Nifty. We had mentioned in our previous post  "We are expecting additional resistance near 16157 spot and sustaining above it should be watched for further gains." As mentioned in our previous post now those who are holding longs should keep 16035 spot closing as stop loss for their positions. We are expecting some resistance near 16427 - 16576 spot and one should watch these levels closely for any signs of reversal.

Bank Nifty Spot Levels for the day are

Long above 16442 for 16499 – 16565 – 16742

Short below 16257 for 16200 – 16134 – 15958

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