Tuesday, 17 May 2016

Nifty & Bank Nifty Spot Outlook for 18th May

Nifty spot opened gap up at 7896.85 , made a high for the day at 7940.10 , went down till 7879.70 before closing at 7890.75 . We had mentioned that long positions can be taken above 7884 and short positions can be taken below 7838 for the day .Today Nifty triggered our long trade and completed more than 2 targets missing our last target by 19 points giving around 50 points from the long trade. As mentioned in my previous post Nifty will be strong once we get a consecutive close above 7931 spot . We saw Nifty break above 7931 but could not manage to sustain or give a close above it .

For today if Nifty spot sustains above 7904 - 7913 we can see a initial move upto 7926 - 7936 & on sustaining above 7942 we may see further upmove till 7984. Similarly if Nifty spot sustains below 7877 - 7869 we may see a initial move on the downside upto 7855 - 7845 & on sustaining below 7839 we may see a further downmove till 7797.


Nifty Spot Levels for the day are

Long above 7913 for 7926 - 7942 - 7984 , SL 7898

Short below 7869 for 7855 - 7839 - 7797 , SL 7884 

BANK NIFTY


Bank Nifty spot opened at 16818.40,  made a high at 16903.35, went down till 16738.70 before closing at 16762.75 . We had mentioned long positions can be taken above 16800 and short positions can be taken below 16675 for the day.  Bank Nifty triggered a long trade and completed slightly more than our 2nd target giving around 100 points from the long trade . Today Bank Nifty again hugely under performed the Nifty as the hangover of the previous weeks PSU banks results are yet to be shaken off  .As mentioned in my previous post  Bank Nifty will be strong once we get a consecutive close above 17002 .

For today if Bank Nifty spot sustains above 16799 - 16821 we can see a initial move upto 16858 - 16884 & on sustaining above 16899 we may see further upmove  till 17011. Similarly if Bank Nifty sustains below 16726 - 16704 we may see a initial move on the downside upto 16668 - 16642 &   on sustaining below 16626  we may see further downmove till 16514.


Bank Nifty Spot Levels for the day are

Long above 16821 for 16858 – 16899 – 17011 , SL 16781

Short below 16704 for 16668 – 16626 – 16514 , SL 16745

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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