Monday, 6 June 2016

Nifty & Bank Nifty Spot Outlook for 07th June

NIFTY


Nifty spot opened  at 8228.75 , made a high for the day at 8234.70, went down till 8186.05 before closing at 8201.05 . Had mentioned that long positions can be taken above 8246 and short positions can be taken below 8195 for the day . Nifty triggered our short trade but did not complete any target . 

As mentioned previously '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 8218 - 8228 we can see a initial move upto 8244 - 8256 & on sustaining above 8263 we may see further upmove till 8314. Similarly if Nifty spot sustains below 8185 - 8174 we may see a initial move on the downside upto 8158 - 8146 & on sustaining below 8139 we may see a further downmove till 8088 . Today Nifty took support just abovt its weekly level to go short and one should watch a breaking and sustaining of it for any downmove .

Nifty Spot Levels for the day are

Long above 8228 for 8244 - 8263 - 8314 , SL 8209

Short below 8174 for 8158 - 8139 - 8088 , SL 8193

BANK NIFTY


Bank Nifty spot opened at 17710.45, made a high for the day at 17754.15  , went down till 17636.90 before closing at 17671.40 . We had mentioned long positions can be taken above 17760 and short positions can be taken below 17602 for the day.  Bank Nifty traded between our long and short levels and did not trigger any trade.

As mentioned previously '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 17721 - 17752 we can see a initial move upto 17801 - 17836 & on sustaining above 17858 we may see further upmove  till 18011. Similarly if Bank Nifty sustains below 17622 - 17591 we may see a initial move on the downside upto 17542 - 17506 &  on sustaining below 17485  we may see further downmove till 17332.


Bank Nifty Spot Levels for the day are

Long above 17752 for 17801 – 17858 – 18011 , SL 17696

Short below 17591 for 17542 – 17485 – 17332 , SL 17647

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