Wednesday, 8 June 2016

Nifty & Bank Nifty Spot Outlook for 08th June

NIFTY


Nifty spot opened  at 8235.55 , made a low for the day at 8216.40, went up till 8294.95 before closing at 8266.45 . Had mentioned that long positions can be taken above 8228 and short positions can be taken below 8174 for the day . Nifty triggered our long trade and completed more than 2 targets giving around 60 points .

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 8278 - 8285 we can see a initial move upto 8297 - 8305 & on sustaining above 8310 we may see further upmove till 8346. Similarly if Nifty spot sustains below 8255 - 8248 we may see a initial move on the downside upto 8236 - 8228 & on sustaining below 8223 we may see a further downmove till 8186 . 

Nifty Spot Levels for the day are

Long above 8285 for 8297 - 8310 - 8346 , SL 8272

Short below 8248 for 8236 - 8223 - 8186 , SL 8261

Nifty is now approaching a good resistance zone of 8329 - 8359 and one should be cautious in adding longs here .

BANK NIFTY


Bank Nifty spot opened at 17796.55, made a low for the day at 17713.35 , went up till 18000.95 before closing at 17948.15 . We had mentioned long positions can be taken above 17752 and short positions can be taken below 17591 for the day.  Bank Nifty triggered our long trade and completed nearly all 3 targets giving around 240 points 

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 17986 - 18009 we can see a initial move upto 18046 - 18073 & on sustaining above 18089 we may see further upmove  till 18205. Similarly if Bank Nifty sustains below 17911 - 17888 we may see a initial move on the downside upto 17850 - 17824 &  on sustaining below 17807  we may see further downmove till 17692.


Bank Nifty Spot Levels for the day are

Long above 18009 for 18046 – 18089 – 18205 , SL 17967

Short below 17888 for 17850 – 17807 – 17692, SL 17929

Bank Nifty is now approaching a good resistance zone of 18018 - 18109 and one should be cautious in adding longs here .

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