Sunday, 19 June 2016

Nifty & Bank Nifty Spot Outlook for 20th June

NIFTY


Nifty spot opened  at 8176.65, made a high of 8195.25 ,went down till 8135.80  before closing at 8170.20 . Had mentioned that long positions can be taken above 8162 and short positions can be taken below 8120 for the day . Nifty triggered our long trade and achieved 2 targets giving close to 30 points . We have seen Nifty spot taking support just above 8050 for the entire last week and not testing our support zone of 8050 - 7982 . Now with the Rexit news out one can expect this zone to be tested on Monday . 

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 8192 we can see a initial move upto 8205 - 8214 & on sustaining above 8220 we may see further upmove till 8261. Similarly if Nifty spot sustains below 8149 we may see a initial move on the downside upto 8136 - 8126 & on sustaining below 8120 we may see a further downmove till 8079.

Nifty Spot Levels for the day are

Long above 8192 for 8205 - 8220 - 8261 , SL 8164

Short below 8149 for 8136 - 8120 - 8079 , SL 8177


BANK NIFTY


Bank Nifty spot opened at 17772.30, made a high of 17843.15, then went down till 17590.75 before closing at 17696.05 . We had mentioned long positions can be taken above 17737 and short positions can be taken below 17606 for the day.  Bank Nifty triggered our long trade and completed 2 targets giving close to 100 points . We have seen Bank Nifty spot take support just above 17517 for the entire last week and not breaking below our support zone of 17553 - 17517 . Now with the Rexit news out one can expect it to be broken and test the next support zone of 17340 - 17290 on Bank Nifty .  

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 17761 we can see a initial move upto 17802 - 17831 & on sustaining above 17848 we may see further upmove  till 17973. Similarly if Bank Nifty spot sustains below 17631 we may see a initial move on the downside upto 17590 - 17561 &  on sustaining below 17544  we may see further downmove till 17419. Sustaining below 17419 we may test our support of 17340 - 17290 .

Bank Nifty Spot Levels for the day are

Long above 17761 for 17802 – 17848 – 17973 , SL 17716

Short below 17631 for 17590 – 17544 – 17419 , SL 17676

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