Tuesday, 14 June 2016

Nifty & Bank Nifty Spot Outlook for 15th June

NIFTY


Nifty spot opened  at 8134.40 , made a high for the the day at 8134.95 , went down till 8069.50 before closing nearly flat compared to the previous day at 8108.85 . Had mentioned that long positions can be taken above 8126 and short positions can be taken below 8095 for the day . Nifty opened above our long trigger near our 1st target and reversed to trigger our short trade and completed 2 targets on the short side  . But there were a few whipsaws today and am sure anyone who would have taken a trade would have had their stoploss triggered a couple of times . Today again Nifty tested our weekly levels to continue or stay short and took support and closed above 8100 .  Today again we saw Nifty break our second support zone of 8092 - 8082 and stop at 8069.50 just before our last support zone of 8050 - 7982 before giving a small recovery to close above 8100 . For the last 2 days Nifty is trading within 8050 - 8147 range and a valid breakout of this range is required for the next move.

For this 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'. Today again we saw our second support levels in Nifty being broken and reclaimed towards the end .

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 8124 we can see a initial move upto 8134 - 8141 & on sustaining above 8145 we may see further upmove till 8174. Similarly if Nifty spot sustains below 8093 we may see a initial move on the downside upto 8084 - 8077 & on sustaining below 8073 we may see a further downmove till 8043 .

Nifty Spot Levels for the day are

Long above 8124 for 8134 - 8145 - 8174 , SL 8104

Short below 8093 for 8084 - 8073 - 8043 , SL 8114

Nifty has good support in the zone of 8050 - 7982 and one should be cautious in adding shorts here . Fresh shorts can be looked at once we get a consecutive close below  7982 spot.

BANK NIFTY


Bank Nifty spot opened at 17698.75, made a high for the day at 17719.85 , then went down till 17575.95 before closing at 17672.40 . We had mentioned long positions can be taken above 17652 and short positions can be taken below 17536 for the day.  Bank Nifty triggered our long call and had our SL hit before finally completing 2 targets . Bank Nifty has also completed 3 targets on the downside as per our weekly short trade and took some support just above 17517 yesterday below which further shorts get triggered for the week . 

For this 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'.Today again we saw Bank Nifty taking support in our second support zone and holding it .

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 17725 we can see a initial move upto 17757 - 17781 & on sustaining above 17795 we may see further upmove  till 17895. Similarly if Bank Nifty sustains below 17620 we may see a initial move on the downside upto 17587 - 17564 &  on sustaining below 17550  we may see further downmove till 17450.


Bank Nifty Spot Levels for the day are

Long above 17725 for 17757 – 17795 – 17895 , SL 17656

Short below 17620 for 17587 – 17550 – 17450 , SL 17689

Bank Nifty has good support in the zone of 17332 - 17153 and one should be cautious in adding shorts here . Fresh shorts can be looked at once we get a consecutive close below 17153

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