Tuesday, 10 May 2016

Nifty & Bank Nifty Spot Outlook for 11th May

Nifty spot opened at 7873.55 made a low at 7837.70 , went up till 7896.90 before closing at 7887.80 . We had mentioned that long positions can be taken above 7892 and short positions can be taken below 7840 for the day .Today Nifty triggered a short trade but immediately reversed without sustaining below it indicating it was not willing to go down . Had mentioned we need to sustain below 7850 - 7840 to go down , so once it broke 7840 and reversed and sustained 7850 it was time to go long with a SL of 7824 which was our first target below 7840 . Am sure many would have missed taking this trade  . Nifty went up from the day low to trigger our long trade towards the end and closed just below it . We have a gann turn date on 11th May and one can expect a good move . Both Nifty & Nifty are close to their resistance levels . Nifty would be strong once it sustains above 7920 spot .

For today if we sustain above 7904 - 7914 we can see a initial move upto 7931 - 7942 & further move on the upside on sustaining above 7949 spot till 8000. Similarly if we sustain below 7871 - 7861 we may see a initial move on the downside upto 7845 - 7833 & further move on the downside on sustaining below 7826 spot till 7776 


Nifty Spot Levels for the day are

Long above 7914 for 7931 - 7949 - 8000 , SL 7896

Short below 7861 for 7845 - 7826 - 7776 , SL 7880

BANK NIFTY


Bank Nifty spot opened at 16710.05 , made a low at 16613.90  , went up till 16812.20 before closing at 16784.95 . We had mentioned long positions can be taken above 16755 and short positions can be taken below 16617 for the day.  Bank Nifty triggered a short trade but immediately reversed without sustaining below it indicating it was not willing to go down . Had mentioned we need to sustain below 16644 - 16617 to go down , so once it broke 16617 and reversed and sustained 16644 it was time to go long with a SL of 16575 which was our first target below 16617 . Am sure many would have missed taking this trade . Bank Nifty up from the day low to trigger our long trade towards the end and closed also above it . We have a gann turn date on 11th May and one can expect a good move . Bank Nifty will be strong once it sustains above 16836 .

For today if we sustain above 16828 - 16855 we can see a initial move upto 16898 - 16928 & further move on the upside can be seen on sustaining above 16947 spot  till 17080. Similarly if we sustain below 16742 - 16715 we may see a initial move on the downside upto 16672 - 16641 & further move on the downside on sustaining below 16623 spot till 16490.


Bank Nifty Spot Levels for the day are

Long above 16855 for 16898 – 16947 – 17080 , SL 16806

Short below 16715 for 16672 – 16623 – 16490 , SL 16763

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