Sunday, 1 May 2016

Nifty & Bank Nifty Spot Outlook for 02nd May

Nifty spot opened at 7844.25 made a high at 7889.05 , then went down till 7788.70 before closing at 7849.80 . We had mentioned that long positions can be taken above 7877 and short positions can be taken below 7818 for the day .Today Nifty triggered a long trade after opening but did not achieve any targets and took our SL and went down to trigger our short trade and achieved nearly 2 targets giving just  around 30 points and then hit our TSL on the short trade too . Today we did not get any good trades in Nifty . As mentioned in my previous post  Nifty is in a trading range of 7772 - 7978 , and we saw Nifty bounce back from just above 7772 spot on Friday . For the current week Nifty has to break and sustain beyond 7772 - 7992 spot range for a decisive move on either side.  On Friday Nifty tested our CBSL of 7834 for longs but managed to close above it . Once Nifty breaks and sustains below 7769 we can see a move till 7638 - 7580 - 7546 . Similarly breaking and sustaining above 7997 we can see a move till 8060 - 8150 - 8254

For today Nifty spot has resistance on the upside near 7865 - 7876 , sustaining above 7894 is required to test 7924 - 7939 levels . Similarly Nifty spot has support on the downside near 7835 - 7824 , breaking and sustaining below 7806 we can test 7776 - 7761 levels.

Nifty Spot Levels for the day are

Long above 7874 for 7889 - 7905 - 7951 , SL 7857

Short below 7826 for 7811 - 7794 - 7749 , SL 7842

BANK NIFTY


Bank Nifty spot opened at 16712.95 , made a high of 16841.30 , went down till 16527.55 before closing at 16795 . We had mentioned long positions can be taken above 16792 and short positions can be taken below 16642 for the day.  Bank Nifty triggered a long trade at opening and completed 1 target giving around 30 points and then got stopped out and went on to trigger a short trade and completed 2 targets giving around 110 points . Towards the end of session Bank Nifty again triggered a long trade and closed above it . Only those following TSL will gain on such days where there are whipsaws . For this week stoploss for longs would be a close below 16633 . Those who are shorting this week closing basis stoploss would be 16957 . Bank Nifty has been trading in a range of 16527 - 17030 and breaking and sustaining of this range is required in this week for a decisive move on either side.  Once Bank Nifty breaks and sustains below this range we may see a test of 16459 - 16250 - 16010 . Similarly breaking and sustaining above it we may test 17130 - 17340 - 17575 . 

Bank Nifty Spot Levels for the day are

Long above 16856 for 16894 – 16938 – 17055 , SL 16814

Short below 16734 for 16696 – 16652– 16535 , SL 16776

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