Wednesday, 4 May 2016

Nifty & Bank Nifty Spot Outlook for 05th May

Nifty spot opened at 7724.15 made a high at 7749 , then went down till 7697.25 before closing at 7706.55 . We had mentioned that long positions can be taken above 7770 and short positions can be taken below 7724 for the day .Today Nifty triggered a short trade after and completed nearly all 2targets on the short side giving around 30 points  . As mentioned previously  that 'Once Nifty breaks and sustains below 7769 we can see a move till 7638 - 7580 - 7546'  and yesterday we had closed at 7747 and were expecting some more correction in the coming days and today we saw a break of 7700 spot . We may correct some more tomorrow and one can expect some support near 7638 - 7580 zone .

For today Nifty spot has resistance on the upside near 7721 - 7732 , sustaining above 7751 is required to test 7780 - 7795 levels . Similarly Nifty spot has support on the downside near 7692 - 7681 , breaking and sustaining below 7663 we can test 7634 - 7619 levels.

Nifty Spot Levels for the day are

Long above 7729 for 7744 - 7760 - 7804, SL 7699

Short below 7684 for 7670 - 7653 - 7610 , SL 7714

BANK NIFTY


Bank Nifty spot opened at 16320.10 , made a high of 16465.60 , went down till 16250.50 before closing at 16274.25 . We had mentioned long positions can be taken above 16460 and short positions can be taken below 16317 for the day.  Bank Nifty triggered a long trade and got stopped out and then triggered a short trade and completed 1 target on the short side giving around 60 points .  As mentioned previously '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 ' Had also previously mentioned ' Once Bank Nifty breaks and sustains below the lower range of 16527 - 17030 we may see a test of 16459 - 16250 - 16010 .  Today we tested our 2nd target of 16250 and tomorrow on sustaining below it we may go towards our next target . Those who are still short this week should move their cbsl to 16588 from 16957. 

Bank Nifty Spot Levels for the day are

Long above 16335 for 16373 – 16416 – 16533 , SL 16255

Short below 16213 for 16176 – 16132 – 16016 , SL 16293

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