Wednesday, 11 May 2016

Nifty & Bank Nifty Spot Outlook for 12th May

Nifty spot opened at 7804.65 made a low at 7780.90 , went up till 7893.10 before closing at 7848.85 . We had mentioned that long positions can be taken above 7914 and short positions can be taken below 7861 for the day .Today Nifty triggered a short trade and opened just above our last target on the short side giving no one a chance to enter on the short side initially . From the bottom of the day Nifty went up to nearly touch the previous days high and then came down again giving traders to enter our short trade at 7861 and completed 2 targets on the short side giving around 41 points .  There was one more trade to be taken after opening which was a long trade near the day low as all our targets were nearly done at opening on the downside and the fall also was in reaction to the Mauritius treaty but am sure none would have taken this trade  in fear of further fall . Nifty has given a close just 1 point below 7850 keeping both bulls and bears confused . As mentioned in the previous post ' Both Nifty & Nifty are close to their resistance levels . Nifty would be strong once it sustains / closes above 7920 spot ' .

For today if we sustain above 7862 - 7870 we can see a initial move upto 7883 - 7893 & further move on the upside on sustaining above 7898 spot till 7939. Similarly if we sustain below 7836 - 7828 we may see a initial move on the downside upto 7814 - 7805 & further move on the downside on sustaining below 7799 spot till 7759 


Nifty Spot Levels for the day are

Long above 7870 for 7883 - 7898 - 7939 , SL 7855

Short below 7828 for 7814 - 7799 - 7759 , SL 7842

BANK NIFTY


Bank Nifty spot opened at 16544.25 , made a low at 16518.75  , went up till 16861.95 before closing at 16754.45 . We had mentioned long positions can be taken above 16855 and short positions can be taken below 16715 for the day.  Bank Nifty triggered a short trade and opened just above our last target on the short side giving no one a chance to enter on the short side initially . From the bottom of the day Bank Nifty went up to break the previous day high and then came down again giving traders a chance to enter our short trade 16715 and nearly 2 targets giving around 75 points . There was one more trade to be taken after opening which was a long trade near the day low as all our targets were nearly done at opening on the downside and the fall also was in reaction to the Mauritius treaty but am sure none would have taken this trade  in fear of further fall . As mentioned in the previous post ' Both Nifty & Nifty are close to their resistance levels .Bank Nifty will be strong once it sustains / closes above 16836 '. Today it broke above it but could not sustain. 

For today if we sustain above 16796 - 16821 we can see a initial move upto 16863 - 16892 & further move on the upside can be seen on sustaining above 16910 spot  till 17038. Similarly if we sustain below 16713 - 16688 we may see a initial move on the downside upto 16646 - 16617 & further move on the downside on sustaining below 16599 spot till 16471.


Bank Nifty Spot Levels for the day are

Long above 16821 for 16863 – 16910 – 17038 , SL 16775

Short below 16688 for 16646 – 16599 – 16471 , SL 16734

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