Thursday, 2 June 2016

Nifty & Bank Nifty Spot Outlook for 03rd June

NIFTY


Nifty spot opened  at 8156.90 , made a low for the day at 8154.75 , went up till 8229.50 before closing at 8218.95 . Had mentioned that long positions can be taken above 8208 and short positions can be taken below 8152 for the day . Nifty triggered our long trade and completed only 1 target . At opening there was one trade available to go long just above our Short trigger of 8152 with just 5 points SL which many would have not taken .

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 8235 - 8245 we can see a initial move upto 8261 - 8273 & on sustaining above 8280 we may see further upmove till 8330. Similarly if Nifty spot sustains below 8203 - 8193 we may see a initial move on the downside upto 8176 - 8165 & on sustaining below 8158 we may see a further downmove till 8108 . 

Nifty Spot Levels for the day are

Long above 8245 for 8261 - 8280 - 8330 , SL 8227

Short below 8193 for 8176 - 8158 - 8108 , SL 8211

BANK NIFTY


Bank Nifty spot opened at 17405.15, made a low for the day at 17350.45  , went up till 17596.40 before closing at 17567.80 . We had mentioned long positions can be taken above 17509 and short positions can be taken below 17338 for the day.  Bank Nifty triggered our long trade and completed 1 target on the long side  .  After opening there was one trade available to go long just above our Short trigger of 17338 with just 15 points SL which many would have not taken .

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 17619 - 17651 we can see a initial move upto 17702 - 17738 & on sustaining above 17760 we may see further upmove  till 17918. Similarly if Bank Nifty sustains below 17517 - 17485 we may see a initial move on the downside upto 17434 - 17397 &  on sustaining below 17375  we may see further downmove till 17217.


Bank Nifty Spot Levels for the day are

Long above 17651 for 17702 – 17760 – 17918 , SL 17593

Short below 17485 for 17434 – 17375 – 17217 , SL 17542

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