Thursday, 12 May 2016

Nifty & Bank Nifty Spot Outlook for 13th May

Nifty spot opened at 7871.45 made a high at 7916.05 , went down till 7849.65 before closing at 7900.45 . We had mentioned that long positions can be taken above 7870 and short positions can be taken below 7828 for the day .Today Nifty triggered a long trade at opening and fell short of our last target giving around 40 points . Had mentioned that Nifty will be strong once it sustains / closes above 7920 spot and we saw Nifty was unable to break it today . There was a short trade available at 7915 with a small SL of 7920 which am sure only a few would have attempted . From the high Nifty fell down till 7849.65 and gave another chance to go long on crossing 7870 and gave another chance to take 40 points.   . 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 ' . Today it came within 5 points of 7920 but did not test it . One can expect more upside only if  Nifty sustains above 7920

For today if Nifty spot sustains above 7914 - 7923 we can see a initial move upto 7936 - 7946 & on sustaining above 7952 we may see further upmove till 7995. Similarly if it sustains below 7887 - 7878 we may see a initial move on the downside upto 7864 - 7855 & on sustaining below 7849 we may see a further downmove till 7806 .


Nifty Spot Levels for the day are

Long above 7923 for 7936 - 7952 - 7995 , SL 7907

Short below 7878 for 7864 - 7849 - 7806 , SL 7894

BANK NIFTY


Bank Nifty spot opened at 16881.25 , made a high of 16962   , went down till 16779.50 before closing at 16923.70 . We had mentioned long positions can be taken above 16821 and short positions can be taken below 16688 for the day.  Bank Nifty triggered a long trade and opened  above our first target on the long side and completed more than 2 targets for the day giving close to 87 points . From the high of the day Bank Nifty fell till 16779.50 and again  went up triggering our long trade without triggering our SL and gave another 130 points for the day . 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 again Bank Nifty has broken and also closed well above 16836 . Now Nifty needs to do some catching up else Bank Nifty might not be able to sustain at these levels inspite of a good close above its resistance.

For today if Bank Nifty spot sustains above 16967 - 16994 we can see a initial move upto 17037 - 17068 & on sustaining above 17087 we may see further upmove  till 17220. Similarly if it sustains below 16880 - 16854 we may see a initial move on the downside upto 16810 - 16780 &   on sustaining below 16761  we may see further downmove till 16627 .


Bank Nifty Spot Levels for the day are

Long above 16994 for 17037 – 17087 – 17220 , SL 16945

Short below 16854 for 16810 – 16761 – 16627 , SL 16902

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