Sunday, 29 May 2016

Nifty & Bank Nifty Spot Outlook for 30th May


 NIFTY


Nifty spot opened  at 8081.95 , made a low for the day at 8077.05 , went up till 8164.20 before closing at 8156.65 . Had mentioned that long positions can be taken above 8101 and short positions can be taken below 8036 for the day .Today Nifty triggered our long trade and completed 2 targets giving around 60 points  . 

 Had been mentioning this for the past few days ' Nifty will be strong once we get a consecutive close above 7980 spot . Sustaining / closing below 7678 we may see Nifty test 7545 spot and sustaining / closing above 7992 we may see a test upto 8154 . Now we have achieved our target of 8154 and also closed just above it . For this week Nifty spot has resistance at 8243 and above that near 8295 - 8334  levels and has support near 8070 and below that near 8017 - 7979 levels .

For today if Nifty spot sustains above 8177 - 8189 we can see a initial move upto 8209 - 8224 & on sustaining above 8232 we may see further upmove till 8295. Similarly if Nifty spot sustains below 8137 - 8124 we may see a initial move on the downside upto 8104 - 8090 & on sustaining below 8081 we may see a further downmove till 8019 . 

Nifty Spot Levels for the day are

Long above 8189 for 8209 - 8232 - 8295 , SL 8167

Short below 8124 for 8104 - 8081 - 8019 , SL 8147

BANK NIFTY


Bank Nifty spot opened at 17348.35 made a low at 17327.65, went up till 17543.30 before closing at 17511.80. We had mentioned long positions can be taken above 17455 and short positions can be taken below 17274 for the day.  Bank Nifty triggered our long trade and completed nearly 2 targets giving around 95 points . 

Had been mentioning this for the past few days 'Bank Nifty will be strong once we get a consecutive close above 17002 . Sustaining / closing below 16012 we may see upto 15710 and sustaining / closing above 17030 we may see upto 17400' Now we have achieved our target of 17400 and done 100 points more . For this weeknow Bank Nifty spot has resistance at 17740 and above that near 17881- 17981 levels and has support at 17284 and below that near 17143 - 17042 levels 

For today if Bank Nifty spot sustains above 17565 - 17598 we can see a initial move upto 17651 - 17689 & on sustaining above 17712 we may see further upmove  till 17877. Similarly if Bank Nifty sustains below 17459 - 17426 we may see a initial move on the downside upto 17372 - 17334 &  on sustaining below 17311  we may see further downmove till 17146


Bank Nifty Spot Levels for the day are

Long above 17598 for 17651 – 17712 – 17877 , SL 17538

Short below 17426 for 17372 – 17311 – 17146 , SL 17485

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