Nifty spot opened at 7717.65 made a low at 7678.35 , went up till 7738.90 before closing at 7733.45 . We had mentioned that long positions can be taken above 7759 and short positions can be taken below 7712 for the day .Today Nifty triggered a short trade and completed 2 targets on the short side giving around 32 points . As mentioned in post for 06th May 'Now if we do not sustain below 7697 low of this week then may see a reversal from around 7678 levels tomorrow' and we saw Nifty test 7678.35 on Friday and take some support there and reverse . The Gann Date effect might play out on Monday as it was on 7th (+/- 1 day ) .
For today if we sustain above 7748 - 7757 we can see a initial move upto 7772 - 7788 & further move on the upside on sustaining above 7796 spot till 7834. Similarly if we sustain below 7719 - 7710 we may see a initial move on the downside upto 7695 - 7679 & further move on the downside on sustaining below 7671 spot till 7633.
Nifty Spot Levels for the day are
Long above 7757 for 7772 - 7788 - 7833 , SL 7741
Short below 7710 for 7695 - 7679 - 7634 , SL 7726
Bank Nifty spot opened at 16264.45 , made a low of 16186.25 , went up till 16345.25 before closing at 16296.60 . We had mentioned long positions can be taken above 16341 and short positions can be taken below 16221 for the day. Bank Nifty triggered a short trade and completed 1 target on the short side giving around 30 points before getting stopped out . It went up to trigger a long trade before closing but could not sustain even 2 minutes above the buy level . As mentioned in my post for 06th May 'As per our weekly outlook Bank Nifty has now completed nearly all our targets below 16695 , only our last target of 16108 is pending now which may come tomorrow only if we sustain below 16189 spot ' and we saw Bank Nifty just test it by making a low of 16186.25 and taking support . Bank has been underperforming Nifty for the past few sessions and can outperform in this week .
For today if we sustain above 16334 - 16357 we can see a initial move upto 16421 - 16437 & further move on the upside on sustaining above 16456 spot till 16555. Similarly if we sustain below 16259 - 16236 we may see a initial move on the downside upto 16173 - 16157 & further move on the downside on sustaining below 16137 spot till 16039.
Bank Nifty Spot Levels for the day are
Long above 16357 for 16394 – 16437 – 16552 , SL 16315
Short below 16236 for 16199 – 16157 – 16041 , SL 16278
To view all our previous posts kindly go to https://simplytradestocks.wordpress.com
Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss