Monday, 16 May 2016

Nifty & Bank Nifty Spot Outlook for 17th May

Nifty spot opened at 7831.20 , made a low for the day at 7772.15 , went up till 7873.90 before closing at 7860.75 . We had mentioned that long positions can be taken above 7839 and short positions can be taken below 7791 for the day .Today Nifty crosssed our long level but could not sustain above it and triggered a short trade and completed just 1 target giving just 15 points and then moved up to trigger a long trade and completed 2 targets giving around 40 points from the long trade. Nifty will be strong once we get a consecutive close above 7931 spot .  

For today if Nifty spot sustains above 7875 - 7884 we can see a initial move upto 7898 - 7908 & on sustaining above 7915 we may see further upmove till 7959. Similarly if Nifty sustains below 7846 - 7838 we may see a initial move on the downside upto 7823 - 7813 & on sustaining below 7807 we may see a further downmove till 7763.


Nifty Spot Levels for the day are

Long above 7884 for 7898 - 7915 - 7959 , SL 7868

Short below 7838 for 7823 - 7807 - 7763 , SL 7854

BANK NIFTY


Bank Nifty spot opened at 16744.15, went down to make a low at 16431.65, then up to make a high at 16780.05 before closing at 16737.55 . We had mentioned long positions can be taken above 16783 and short positions can be taken below 16650 for the day.  Bank Nifty triggered a short trade and completed all our targets on the short side giving around 220 points . Today Bank Nifty hugely under performed the Nifty mainly to weak results of PSU banks last week . Bank Nifty will be strong once we get a consecutive close above 17002 .

For today if Bank Nifty spot sustains above 16776 - 16800 we can see a initial move upto 16838 - 16865 & on sustaining above 16882 we may see further upmove  till 17001. Similarly if Bank Nifty sustains below 16699 - 16675 we may see a initial move on the downside upto 16637 - 16610 &   on sustaining below 16593  we may see further downmove till 16474 .


Bank Nifty Spot Levels for the day are

Long above 16800 for 16838 – 16882 – 17001 , SL 16756

Short below 16675 for 16637 – 16593 – 16474 , SL 16718

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