Sunday, 12 June 2016

Nifty & Bank Nifty Spot Outlook for 13th June

NIFTY


Nifty spot opened  at 8180.25 , made a high for the the day at 8265.60 , went down till 8162.85 before closing at 8170.05 . Had mentioned that long positions can be taken above 8218 and short positions can be taken below 8190 for the day . Nifty opened below our short trigger at 8180.25 , took our SL which was at 8199 spot  and then went up to trigger our long trade and completed all 3 targets giving around 45 points and then reversed to trigger our short trade and completed 2 targets giving us around 20 points . Had mentioned in Fridays post  that 'Nifty spot has resistance for this week between 8262 - 8288 initially and it appears Nifty has taken resistance for now at 8288.90 and that should be the SL for shorts for this week' . We saw Nifty again entering our resistance zone of 8262 - 8288 on Friday and reversing . Those who would have shorted on Friday at 8265 where all our long targets were achieved with a SL of 8289 would have got nearly 100 points from the short trade,

For the coming week Nifty spot has resistance between 8194 - 8208 and above that near 8248 - 8258 levels and has support between 8147 - 8132 and below that near 8092 - 8082 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 8184 we can see a initial move upto 8193 - 8200 & on sustaining above 8203 we may see further upmove till 8231. Similarly if Nifty spot sustains below 8156 we may see a initial move on the downside upto 8147 - 8140 & on sustaining below 8137 we may see a further downmove till 8109. 

Nifty Spot Levels for the day are

Long above 8184 for 8193 - 8203 - 8231 , SL 8174

Short below 8156 for 8147 - 8137 - 8109 , SL 8166

Nifty has good support in the zone of 8050 - 7982 and one should be cautious in adding shorts here .

BANK NIFTY


Bank Nifty spot opened at 17830.20, made a high for the day at 18051.50 , went down till 17815.25 before closing at 17828.60 . We had mentioned long positions can be taken above 17937 and short positions can be taken below 17838 for the day.  Bank Nifty also opened below our short trigger at 17830.20 and then went up to trigger our long trade at 17937 and completed 2 targets giving us nearly 100 points and then reversed to trigger our short trade again but did not complete any targets . Had mentioned on Friday too  'For this week Bank Nifty spot has resistance between 17809 - 17889 and above that near 18018 - 18109 levels'  We saw Bank Nifty again entering our resistance zone 18018 - 18109 on Friday and reversing . Those who would shorted Friday at 18020 with a SL of 18110 would have got nearly 200 points. Have mentioned previously too that Bank Nifty has been moving indifferently to the Nifty since the introduction of weekly options. Nifty has ended the week with a loss of 50 points compared to last week's closing whereas Bank Nifty has ended the week with a gain of 148 points compared to last week's closing.

For the coming week Bank Nifty spot has resistance between 17911 - 17963 and above that near 18105 - 18140 levels and has support between 17746 - 17694 and below that near 17553 - 17517 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 17879 we can see a initial move upto 17911 - 17933 & on sustaining above 17946 we may see further upmove  till 18043. Similarly if Bank Nifty sustains below 17778 we may see a initial move on the downside upto 17747 - 17724 &  on sustaining below 17711  we may see further downmove till 17614.


Bank Nifty Spot Levels for the day are

Long above 17879 for 17911 – 17946 – 18043 , SL 17844

Short below 17778 for 17747 – 17711 – 17614 , SL 17813

Bank Nifty has good support in the zone of 17332 - 17153 and one should be cautious in adding shorts 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