Friday, 27 May 2016

Nifty & Bank Nifty Spot Outlook for 27th May

Nifty spot opened  at 7974.45 , made a low for the day at 7948.50 , went up till 8083 before closing at 8069.65 . Had mentioned that long positions can be taken above 7965 and short positions can be taken below 7905 for the day .Today Nifty triggered our long trade and completed all targets again giving around 100 points  . Today was a superb day again to trade with TSL .

 Had been mentioning this for the past few days ' 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 28 sessions . Sustaining / closing below 7678 we may see Nifty test 7545 spot and sustaining / closing above 7992 we may see a test upto 8154 . Sustaining / closing above 7992 will open space for another 150 - 200 points. Nifty today gave its first close above 8000 since 04th Nov 2015 after 135 trading days.

For today if Nifty spot sustains above 8089 - 8101 we can see a initial move upto 8121 - 8134 & on sustaining above 8143 we may see further upmove till 8203. Similarly if Nifty spot sustains below 8050 - 8038 we may see a initial move on the downside upto 8019 - 8005 & on sustaining below 7996 we may see a further downmove till 7936


Nifty Spot Levels for the day are

Long above 8101 for 8121 - 8143 - 8203 , SL 8079

Short below 8038 for 8019 - 7996 - 7936 , SL 8060

BANK NIFTY


Bank Nifty spot opened at 17037.60 made a low at 16971.35, went up till 17424.05 before closing at 17359.30. We had mentioned long positions can be taken above 17077 and short positions can be taken below 16918 for the day.  Bank Nifty triggered our long trade and completed all our targets and more giving around 325 points . Today was superb day again to trade with TSL. 

Had been mentioning this for the past few days '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 28 sessions now.  Sustaining / closing below 16012 we may see upto 15710 and sustaining / closing above 17030 we may see upto 17400' . Sustaining  / closing above 17002 will open space for another 350 - 400 points . 

For today if Bank Nifty spot sustains above 17412 - 17445 we can see a initial move upto 17497 - 17535 & on sustaining above 17558 we may see further upmove  till 17721. Similarly if Bank Nifty sustains below 17307 - 17274 we may see a initial move on the downside upto 17221 - 17184 &  on sustaining below 17161  we may see further downmove till 16998


Bank Nifty Spot Levels for the day are

Long above 17445 for 17497 – 17558 – 17721 , SL 17386

Short below 17274 for 17221 – 17161 – 16998 , SL 17333

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