Tuesday, 3 May 2016

Nifty & Bank Nifty Spot Outlook for 04th May

Nifty spot opened at 7824.80 made a high at 7890.25 , then went down till 7735.15 before closing at 7747 . We had mentioned that long positions can be taken above 7828 and short positions can be taken below 7783 for the day .Today Nifty triggered a long trade after opening and completed nearly all 3 targets on the long side giving around 60 points and got stopped out . Nifty then triggered our short trade and completed more than 2 targets giving around 50+ points . Today was a gann turn date and it played out well . As mentioned in my previous post for the current week Nifty has to break and sustain beyond 7772 - 7992 spot range for a decisive move on either side.  Had mentioned previously  that 'Once Nifty breaks and sustains below 7769 we can see a move till 7638 - 7580 - 7546'  and today we have closed below it indicating we might see some more correction in the coming days .

For today Nifty spot has resistance on the upside near 7762 - 7773 , sustaining above 7791 is required to test 7821 - 7835 levels . Similarly Nifty spot has support on the downside near 7732 - 7721 , breaking and sustaining below 7703 we can test 7674 - 7659 levels.

Nifty Spot Levels for the day are

Long above 7770 for 7784 - 7800 - 7844 , SL 7754

Short below 7724 for 7710 - 7694 - 7649 , SL 7740

BANK NIFTY


Bank Nifty spot opened at 16570.75 , made a high of 16719.40 , went down till 16358.40 before closing at 16388.70 . We had mentioned long positions can be taken above 16613 and short positions can be taken below 16473 for the day.  Bank Nifty triggered a long trade at opening and completed 2 targets on the long side giving around 100 points before getting stopped out . It then triggered a short trade and completed 2 targets on the short side giving around 100 points . Had mentioned yesterday ' So tomorrow if Bank Nifty spot does not break above 16633 spot and sustain then we may see our lower levels getting tested as today our weekly sell call has been triggered 'Those who are shorting this week closing basis stoploss would be 16957 . Had also been mentioning that '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' and today we have managed to close well below the lower range indicating we may see some more correction  As mentioned previously  ' 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 16460 for 16504 – 16555 – 16692 , SL 16410

Short below 16317 for 16273 – 16222 – 16086 , SL 16367

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