Nifty spot opened at 7755.25 made a low at 7753.55 , went up till 7873.65 before closing at 7866.05 . We had mentioned that long positions can be taken above 7757 and short positions can be taken below 7710 for the day .Today Nifty triggered a long trade and completed all targets on the long side giving around 100+ points . As mentioned in the post for 09th May 'The Gann Date effect might play out on Monday as it was on 7th (+/- 1 day )' and we saw a one sided move on the long side with any major dips.
For today if we sustain above 7882 - 7892 we can see a initial move upto 7909 - 7920 & further move on the upside on sustaining above 7927 spot till 7977. Similarly if we sustain below 7850 - 7840 we may see a initial move on the downside upto 7824 - 7812 & further move on the downside on sustaining below 7805 spot till 7755
Nifty Spot Levels for the day are
Long above 7892 for 7909 - 7927 - 7977 , SL 7874
Short below 7840 for 7824 - 7805 - 7755 , SL 7858
Bank Nifty spot opened at 16357 which was also the low , went up till 16712.90 before closing at 16686.10 . We had mentioned long positions can be taken above 16357 and short positions can be taken below 16236 for the day. Bank Nifty triggered a long trade and completed all targets on the long side giving around 350 points. Today we saw Bank Nifty mildly out perform Nifty as expected .
For today if we sustain above 16729 - 16755 we can see a initial move upto 16798 - 16828 & further move on the upside can be seen on sustaining above 16846 spot 16978. Similarly if we sustain below 16644 - 16617 we may see a initial move on the downside upto 16575 - 16544 & further move on the downside on sustaining below 16526 spot till 16394.
Bank Nifty Spot Levels for the day are
Long above 16755 for 16798 – 16846 – 16978 , SL 16707
Short below 16617 for 16575 – 16526 – 16394 , SL 16665
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss