Wednesday, 1 June 2016

Nifty & Bank Nifty Spot Outlook for 01st June

NIFTY


Nifty spot opened  at 8209.85 , made a high for the day at 8213.60 , went down till 8134.30 before closing at 8160.10 . Had mentioned that long positions can be taken above 8211 and short positions can be taken below 8146 for the day .Today again Nifty tested our long trade after opening but did not sustain and traded between our long and short trigger for the entire day .

As mentioned previously 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 8180 - 8193 we can see a initial move upto 8213 - 8227 & on sustaining above 8236 we may see further upmove till 8298. Similarly if Nifty spot sustains below 8140 - 8128 we may see a initial move on the downside upto 8107 - 8093 & on sustaining below 8084 we may see a further downmove till 8022 . 

Nifty Spot Levels for the day are

Long above 8193 for 8213 - 8236 - 8298 , SL 8170

Short below 8127 for 8107 - 8084 - 8022 , SL 8150

BANK NIFTY


Bank Nifty spot opened at 17615.10 made a high at 17648.25, went down till 17462.20 before closing at 17620.90. We had mentioned long positions can be taken above 17607 and short positions can be taken below 17434 for the day.  Bank Nifty again triggered our long trade but today could complete even 1 target .

As mentioned previously For this week now 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 17674 - 17706 we can see a initial move upto 17759 - 17797 & on sustaining above 17820 we may see further upmove  till 17983. Similarly if Bank Nifty sustains below 17568 - 17535 we may see a initial move on the downside upto 17483 - 17445 &  on sustaining below 17422  we may see further downmove till 17259


Bank Nifty Spot Levels for the day are

Long above 17706 for 17759 – 17820 – 17983 , SL 17647

Short below 17535 for 17483 – 17422 – 17259 , SL 17595

After trading in a small tight range for the past 2 days we can expect some movement today

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