Tuesday, 24 May 2016

Nifty & Bank Nifty Spot Outlook for 25th May

Nifty spot opened  at 7738.05 , made a low for the day at 7715.80 , towards the end went up till 7761.55 before closing at 7748.85 . Had mentioned that long positions can be taken above 7749 and short positions can be taken below 7713 for the day .Today Nifty triggered our long trade and nearly completed just one target giving around 11 points . Those of who would have realised that it did not trigger our short trade and would have go taken a long trade around 7720 with a 7 point SL would have gained more but am sure not many would have attempted this trade . Today was a better day with more clarity on trades . Mondays are usually most difficult to trade especially on expiry weeks as there is lots of volatility and unclear direction . As we are not insulated from the US markets and Crude one can keep a track of the weekly levels mentioned for both of them over the weekend. 

 As mentioned in the previous posts Nifty will be strong once we get a consecutive close above 7980 spot . Nifty has been trading now in a range of 7678 - 7992 now for the past 27 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 7760 - 7767 we can see a initial move upto 7779 - 7787 & on sustaining above 7792 we may see further upmove till 7827. Similarly if Nifty spot sustains below 7737 - 7730 we may see a initial move on the downside upto 7719 - 7711 & on sustaining below 7706 we may see a further downmove till 7671


Nifty Spot Levels for the day are

Long above 7767 for 7779 - 7792 - 7827 , SL 7755

Short below 7730 for 7719 - 7706 - 7671, SL 7743

BANK NIFTY


Bank Nifty spot opened at 16422.35 made a low at 16368.60, went up towards the end till 16501.05 before closing at 16456.65. We had mentioned long positions can be taken above 16447 and short positions can be taken below 16369 for the day.  Bank Nifty just tested our level to go short below of 16369 and reversed today to go and trigger our long trade and completed just 1 target giving around 50 points . Those of who would have realised that it just tested our shorting range and Nifty was also holding and would have gone long from there could have gained more but am sure not many would have attempted this trade. 

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 27 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 16482 - 16497 we can see a initial move upto 16522 - 16540 & on sustaining above 16551 we may see further upmove  till 16629. Similarly if Bank Nifty sustains below 16432 - 16416 we may see a initial move on the downside upto 16391 - 16373 &  on sustaining below 16362  we may see further downmove till 16285


Bank Nifty Spot Levels for the day are

Long above 16497 for 16522 – 16551 – 16629 , SL 16469

Short below 16416 for 16391 – 16362 – 16285 , SL 16444

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