Nifty & Bank Nifty Spot Outlook For 16th May

Nifty spot opened at 7881 which was also the high for the day  , went down till 7784.20 before closing at 7814.90 . We had mentioned that long positions can be taken above 7923 and short positions can be taken below 7878 for the day .Today Nifty triggered a short trade at opening and completed all our last targets giving around 80 points . Last week had mentioned that Nifty will be strong once it sustains / closes above 7920 spot and we saw Nifty was unable to break it .  Nifty will be strong once we get a consecutive close above 7931 spot .  

For today if Nifty spot sustains above 7830 - 7839 we can see a initial move upto 7854 - 7864 & on sustaining above 7871 we may see further upmove till 7917. Similarly if Nifty sustains below 7800 - 7791 we may see a initial move on the downside upto 7776 - 7766 & on sustaining below 7759 we may see a further downmove till 7713.

Nifty Spot Levels for the day are

Long above 7839 for 7854 - 7871 - 7917 , SL 7822

Short below 7791 for 7776 - 7759 - 7713 , SL 7807

BANK NIFTY

Bank Nifty spot opened at 16891.70 which was also the high for the day  , went down till 16594.55  before closing at 16716.90 . We had mentioned long positions can be taken above 16994 and short positions can be taken below 16854 for the day.  Bank Nifty triggered a short trade and completed all our targets on the short side giving around 250 points . Had mentioned in my previous post ' 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.' Bank Nifty will be strong once we get a consecutive close above 17002 .

For today if Bank Nifty spot sustains above 16758 - 16783 we can see a initial move upto 16824 - 16854 & on sustaining above 16871 we may see further upmove  till 16998. Similarly if it sustains below 16676 - 16650 we may see a initial move on the downside upto 16609 - 16580 &   on sustaining below 16562  we may see further downmove till 16436 .

Bank Nifty Spot Levels for the day are

Long above 16783 for 16824 – 16871 – 16998 , SL 16737

Short below 16650 for 16609 – 16562 – 16436 , SL 16696

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