Sunday, 5 June 2016

Nifty & Bank Nifty Spot Outlook for 06th June

NIFTY


Nifty spot opened  at 8246.20 , made a high for the day at 8262 , went down till 8209.85 before closing at 8220.80 . Had mentioned that long positions can be taken above 8245 and short positions can be taken below 8193 for the day . Nifty triggered our long trade and completed only 1 target . 

For this week Nifty spot has resistance between 8262 - 8288 and above that near 8329 - 8359 levels and has support between 8179 - 8154 and below that near 8112 - 8083 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 8236 - 8246 we can see a initial move upto 8262 - 8273 & on sustaining above 8280 we may see further upmove till 8328. Similarly if Nifty spot sustains below 8205 - 8195 we may see a initial move on the downside upto 8180 - 8169 & on sustaining below 8162 we may see a further downmove till 8113 . If you compare the levels on Nifty of the past 2 days you can see that the upmove is looking a bit saturated and one can expect a bit of correction before resumption of further upmove.

Nifty Spot Levels for the day are

Long above 8246 for 8262 - 8280 - 8328 , SL 8229

Short below 8195 for 8180 - 8162 - 8113 , SL 8213

BANK NIFTY


Bank Nifty spot opened at 17657.20, made a high for the day at 17762.05  , went down till 17649.05 before closing at 17680.80 . We had mentioned long positions can be taken above 17651 and short positions can be taken below 17485 for the day.  Bank Nifty triggered our long trade and completed 2 target on the long side  .  

For this week Bank Nifty spot has resistance between 17809 - 17889 and above that near 18018 - 18109 levels and has support between 17552 - 17472 and below that near 17344 - 17252 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 17729 - 17760 we can see a initial move upto 17808 - 17843 & on sustaining above 17864 we may see further upmove  till 18014. Similarly if Bank Nifty sustains below 17632 - 17602 we may see a initial move on the downside upto 17553 - 17519 &  on sustaining below 17498  we may see further downmove till 17347.


Bank Nifty Spot Levels for the day are

Long above 17760 for 17808 – 17864 – 18014 , SL 17705

Short below 17602 for 17553 – 17498 – 17347 , SL 17656

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