Monday, 23 May 2016

Nifty & Bank Nifty Spot Outlook for 24th May

Nifty spot opened  at 7813.95 , made a high for the day at 7820.60 , towards the end went down till 7722.20 before closing at 7731.05 . Had mentioned that long positions can be taken above 7769 and short positions can be taken below 7731 for the day .Today Nifty triggered our long trade at opening and nearly completed all our targets not giving anyone a chance to enter at opening . But later we go a chance to enter longs again when Nifty made a low of 7740 and reversed triggering our long trade and went up till 7800 giving us nearly 30 points and then again corrected and triggered our short trade towards close but did not complete any targets and managed to close exactly at our shorting level of 7731.05. For the entire day nearly Nifty nearly traded within our short below range of 7731 and last target for longs at 7830 . It was a good day for swing trading . As mentioned in the previous posts Nifty will be strong once we get a consecutive close above 7980 spot . Nifty has been trading in a range of 7678 - 7992 now for the past 26 sessions . Sustaining / closing below 7678 we may see Nifty test 7545 spot and sustaining / closing above 7992 we may see a test upto 8154 . But for this expiry it looks difficult for Nifty to break / sustain above 7980 spot  .

For today if Nifty spot sustains above 7742 - 7749 we can see a initial move upto 7761 - 7769 & on sustaining above 7774 we may see further upmove till 7808. Similarly if Nifty spot sustains below 7720 - 7713 we may see a initial move on the downside upto 7702 - 7693 & on sustaining below 7689 we may see a further downmove till 7654


Nifty Spot Levels for the day are

Long above 7749 for 7761 - 7774 - 7808 , SL 7737

Short below 7713 for 7702 - 7689 - 7654 , SL 7725

BANK NIFTY


Bank Nifty spot opened at 16560.15 made a high at 16604.15, went down towards the end till 16368 before closing at 16407.55. We had mentioned long positions can be taken above 16524 and short positions can be taken below 16439 for the day.  Bank Nifty triggered a long trade at opening and completed 2 targets but we did not get a chance to enter. Bank Nifty later on gave us another chance to enter when it went up after triggering our short trade and reversing after EU opened and completed 2 targets giving us nearly 75 points and took our TSL . Bank Nifty then  triggered our short trade and completed 2 targets giving around 60 points . Overall it was a good day for swing traders with a lot of volatility . These kind of swing moves are happening due to uncertainity by the index on its further direction. As mentioned in my posts previously Bank Nifty will be strong once we get a consecutive close above 17002 . Bank Nifty has been trading in a range of 16012 - 17030 for the past 26 sessions now. Sustaining / closing below 16012 we may see upto 15710 and sustaining / closing above 17030 we may see upto 17400 . If you look at Nifty and Bank Nifty in isolation both seem to be giving different views . Bank Nifty does not seem keen to sustain below 16018 and Nifty above 7980 for now.

For today if Bank Nifty spot sustains above 16432 - 16447 we can see a initial move upto 16471 - 16488 & on sustaining above 16498 we may see further upmove  till 16573. Similarly if Bank Nifty sustains below 16383 - 16369 we may see a initial move on the downside upto 16344 - 16327 &  on sustaining below 16317  we may see further downmove till 16242


Bank Nifty Spot Levels for the day are

Long above 16447 for 16471 – 16498 – 16573 , SL 16420

Short below 16369 for 16344 – 16317 – 16242 , SL 16396

Being the last week for this series am writing the tentative expiry levels expected by me for Nifty & Bank Nifty with still 3 trading sessions to go . Will update with the final expectation in the post for Thursday.

Nifty Upper Range - 7845

Nifty Lower Range - 7615 

Bank Nifty Upper Range  - 16650

Bank Nifty Lower Range - 16165

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