Wednesday, 27 April 2016

Nifty & Bank Nifty Spot Outlook for 28th April

Nifty spot opened at 7942  made a low at 7940.55 , then went up till 7991 before closing at 7979.90 . We had mentioned that long positions can be taken above 7987 and short positions can be taken below 7938 for the day .Today Nifty traded within our buying and selling range the whole and triggered a long call towards the end but did not complete any targets today . As mentioned yesterday Nifty has been consolidating between 7772 - 7978 for the past 6 trading sessions and breaking and sustaining beyond this range should be watched for the next decisive move . Today we got a close just above this range . Those who are holding longs should keep 7834 spot closing as stoploss for their positions . 

For today Nifty spot has resistance on the upside near 7995 - 8006 , sustaining above 8025 is required to test 8055 - 8069 levels . Similarly Nifty spot has support on the downside near 7965 - 7954 , breaking and sustaining below 7935 we can test 7906 - 7891 levels.

Nifty Spot Levels for the day are

Long above 8002 for 8016 - 8031 - 8073 , SL 7986

Short below 7958 for 7944 - 7929 - 7886 , SL 7973

Tomorrow being the expiry day for April Series , the following is expiry levels expected
Upper Level - 8048
Lower Level - 7912
 


BANK NIFTY


Bank Nifty spot opened at 16869.35, made a low of 16827.35 and went up till 16995 before closing at 16872.95. We had mentioned long positions can be taken above 17063 and short positions can be taken below 16942 for the day.  Bank Nifty triggered a short trade at opening and completed 2 targets but only a few would have been able to trade it . Bank Nifty has given a consecutive close above 16772 and we might see a retest of 17030 in the next 2 days mostly.  As mentioned yesterday Now those who are holding longs should keep 16750 closing as their stoploss .

Bank Nifty Spot Levels for the day are

Long above 16941 for 16982 – 17030 – 17159 , SL 16894

Short below 16805 for 16764 – 16716 – 16587 , SL 16852

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