Thursday, 19 May 2016

Nifty & Bank Nifty Spot Oulook for 20th May

Nifty spot opened  at 7875.50 , made a high for the day at 7876.20 , towards the end went down till 7766.80 before closing at 7783.40 . Had mentioned that long positions can be taken above 7893 and short positions can be taken below 7848 for the day .Today Nifty triggered our short trade and completed all our targets giving around 70 points from the short trade  . Nifty will be strong once we get a consecutive close above 7980 spot . Nifty has been trading in a range of 7678 - 7992 for the past 24 sessions now and a decisive break on any side can give upto 3%  move on that side.

For today if Nifty spot sustains above 7799 - 7809 we can see a initial move upto 7824 - 7836 & on sustaining above 7842 we may see further upmove till 7891. Similarly if Nifty spot sustains below 7768 - 7758 we may see a initial move on the downside upto 7742 - 7731 & on sustaining below 7724 we may see a further downmove till 7676.


Nifty Spot Levels for the day are

Long above 7809 for 7824 - 7842 - 7891 , SL 7791

Short below 7758 for 7742 - 7724 - 7676 , SL 7776

BANK NIFTY


Bank Nifty spot opened at 16725.45,  made a high at 16726.15, went down till 16535.75 before closing at 16565.25 . We had mentioned long positions can be taken above 16788 and short positions can be taken below 16670 for the day.  Bank Nifty triggered a short trade and completed slightly more than our 2nd target giving around 120 points from the short trade . As mentioned in my previously Bank Nifty will be strong once we get a consecutive close above 17002 . Bank Nifty has been trading in a range of 16012 - 17030 for the past 24 sessions now and a decisive break on either side can give upto 3% move on that side. 

For today if Bank Nifty spot sustains above 16605 - 16629 we can see a initial move upto 16669 - 16697 & on sustaining above 16714 we may see further upmove  till 16837. Similarly if Bank Nifty sustains below 16526 - 16501 we may see a initial move on the downside upto 16462 - 16433 &  on sustaining below 16416  we may see further downmove till 16294


Bank Nifty Spot Levels for the day are

Long above 16629 for 16669 – 16714 – 16837 , SL 16585

Short below 16501 for 16462 – 16416 – 16294 , SL 16545

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