Wednesday, 1 June 2016

Nifty & Bank Nifty Spot Outlook for 02nd June

NIFTY


Nifty spot opened  at 8179.20 , made a high for the day at 8215.35 , went down till 8171.05 before closing at 8179.95 . Had mentioned that long positions can be taken above 8193 and short positions can be taken below 8127 for the day .Today again Nifty tested our long trade after opening but completed only 1 target and post that once again reversed and traded between the high and the 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 

Trend reversal in Nifty for this series would be consecutive closing below 7982 and trend continuation would be on consecutive close above 8338 spot .

For today if Nifty spot sustains above 8197 - 8208 we can see a initial move upto 8226 - 8238 & on sustaining above 8246 we may see further upmove till 8300. Similarly if Nifty spot sustains below 8163 - 8152 we may see a initial move on the downside upto 8134 - 8122 & on sustaining below 8114 we may see a further downmove till 8060 . 

Nifty Spot Levels for the day are

Long above 8208 for 8226 - 8246 - 8300 , SL 8189

Short below 8152 for 8134 - 8114 - 8060 , SL 8171

BANK NIFTY


Bank Nifty spot opened at 17670.85 which was also the high , went down till 17392.85 before closing at 17423.45. We had mentioned long positions can be taken above 17706 and short positions can be taken below 17535 for the day.  Bank Nifty triggered our short trade and completed 2 targets on the short side  .

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 

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 .

For today if Bank Nifty spot sustains above 17476 - 17509 we can see a initial move upto 17562 - 17600 & on sustaining above 17623 we may see further upmove  till 17787. Similarly if Bank Nifty sustains below 17370 - 17338 we may see a initial move on the downside upto 17285 - 17247 &  on sustaining below 17224  we may see further downmove till 17060.


Bank Nifty Spot Levels for the day are

Long above 17509 for 17562 – 17623 – 17787 , SL 17450

Short below 17338 for 17285 – 17224 – 17060 , SL 17397

Today Nifty and Bank Nifty moves were totally in contrast to each other . Bank Nifty closed down by 197 points and Nifty closed up by 20 points compared to their previous days close.

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