Nifty & Bank Nifty Spot Outlook for 01st July

NIFTY

Nifty spot opened  at 8260.25, made a low at 8242.10 , went up till 8308.15  before closing at 8287.75 . Had mentioned that long positions can be taken above 8233 and short positions can be taken below 8175 for the day . Nifty triggered our long trade and completed 2 targets and more giving around 60 points . Today we saw Nifty finally break above 8300 and breaking the resistance it was facing just below it for the entire series near 8285 - 8295 but could not close strongly above it . But we have closed above 8274 as per our weekly levels which if sustained can take us further towards the last 2 targets pending for this week. We have good resistance at 8338 spot which we have been mentioning all through June series and firstly we should wait for it to be broken and sustained tomorrow . 

Trend reversal in Nifty for this series would be consecutive closing below 8122 and trend continuation would be on consecutive close above 8454 spot . 

For June series had mentioned 'Trend reversal in Nifty for this series would be consecutive closing below 7982 and trend continuation would be on consecutive close above 8338 spot '. and we could not get a single close above or below these levels.

For today if Nifty spot sustains above 8318 we can see a initial move upto  8350 & on sustaining above 8358 we may see further upmove till 8416. Similarly if Nifty spot sustains below 8257 we may see a initial move on the downside upto 8225 & on sustaining below 8217 we may see a further downmove till 8160

Nifty Spot Levels for the day are

Long above 8318 for 8337 - 8358 - 8416 , SL 8278

Short below 8257 for 8239 - 8217 - 8160 , SL 8297

BANK NIFTY

Bank Nifty spot opened at 17825.30, made a low at 17795.90 ,went up till 17975.05 before closing at 17935.40 . We had mentioned long positions can be taken above 17763 and short positions can be taken below 17617 for the day.  Bank Nifty triggered our long trade and nearly completed all 3 targets giving around 160 points . Today Bank Nifty was unable to break above its high for this series of 18051 inspite of Nifty breaking above 8300. But we have closed above 17927 which if sustained can take us further towards the last 2 targets pending for this week . We have good resistance near 18089 which we have been mentioning all through June series and firstly we should wait for it to be broken and sustained tomorrow ..

Trend reversal in Bank Nifty for this series would be consecutive closing below 17500 and trend continuation would be on consecutive close above 18371 spot .

For June series had mentioned 'Trend reversal in Bank Nifty for this series would be consecutive closing below 17152 and trend continuation would be on consecutive close above 18089 spot '. and we could not get a single close above or below these levels.

For today if Bank Nifty spot sustains above 18015 we can see a initial move upto 18099 & on sustaining above 18120 we may see further upmove  till 18272. Similarly if Bank Nifty spot sustains below 17856 we may see a initial move on the downside upto 17772 &  on sustaining below 17751  we may see further downmove till 17599.

Bank Nifty Spot Levels for the day are

Long above 18015 for 18064 – 18120 – 18272 , SL 17911

Short below 17856 for 17807 – 17751 – 17599 , SL 17960

Our expiry upper range mentioned for Nifty was at 8273 and Nifty expired at 8287 and for Bank Nifty was at 17840 and Bank Nifty expired way above it at 17935 for June series 

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