Monday, 9 May 2016

Nifty & Bank Nifty Spot Outlook for 10th May

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


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

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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