Wednesday, 8 June 2016

Nifty & Bank Nifty Spot Outlook for 09th June

NIFTY


Nifty spot opened  at 8285.50 , made a high for the day at 8288.90, went down till 8252.05 before closing at 8273.05 . Had mentioned that long positions can be taken above 8285 and short positions can be taken below 8248 for the day . Nifty tested our long trade at opening and traded the entire day between the long and short trade range . Had also mentioned previously that Nifty spot has resistance for this week between 8262 - 8288 initially for this week and today Nifty made a high of 8288.90 and took resistance for the day. Overall it was a very narrow range today and one can expect a big move in the next 2 days.

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 8281 - 8286 we can see a initial move upto 8294 - 8300 & on sustaining above 8304 we may see further upmove till 8329. Similarly if Nifty spot sustains below 8265 - 8260 we may see a initial move on the downside upto 8252 - 8246 & on sustaining below 8242 we may see a further downmove till 8217. 

Nifty Spot Levels for the day are

Long above 8286 for 8294 - 8304 - 8329 , SL 8277

Short below 8260 for 8252 - 8242 - 8217 , SL 8269

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 17976.25, made a high for the day at 17995.80 , went down till 17855.20 before closing at 17946.80 . We had mentioned long positions can be taken above 18009 and short positions can be taken below 17888 for the day.  Bank Nifty triggered our short trade but did not complete any targets and triggered our SL .

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 17977 - 17996 we can see a initial move upto 18026 - 18048 & on sustaining above 18061 we may see further upmove  till 18155. Similarly if Bank Nifty sustains below 17916 - 17898 we may see a initial move on the downside upto 17867 - 17846 &  on sustaining below 17832  we may see further downmove till 17738.


Bank Nifty Spot Levels for the day are

Long above 17996 for 18026 – 18061 – 18155 , SL 17962

Short below 17898 for 17867 – 17832 – 17738, SL 17932

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