Nifty & Bank Nifty Spot Outlook for 22nd June

NIFTY

Nifty spot opened  at 8255.40, made a high of 8257.25 ,went down till 8202.15  before closing at 8219.90 . Had mentioned that long positions can be taken above 8260 and short positions can be taken below 8217 for the day . Nifty triggered our short trade and completed just 1 target giving only 14 points . Since our longs were getting triggered only above 8260 there was a opportunity to short at opening with a small  SL .  Though today we have closed above 8205 where our weekly longs get triggered, but we have closed below our confirmation level of 8227 for the trade . If we do not see Nifty break above our next resistance zone of 8287 - 8302 tomorrow too, then there is a possibility that we might see a test of our suppot zone of 8135 - 8113 .

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 8242 we can see a initial move upto 8255 - 8265 & on sustaining above 8271 we may see further upmove till 8312. Similarly if Nifty spot sustains below 8198 we may see a initial move on the downside upto 8185 - 8175 & on sustaining below 8169 we may see a further downmove till 8128.

Nifty Spot Levels for the day are

Long above 8242 for 8255 - 8271 - 8312 , SL 8227

Short below 8198 for 8185 - 8169 - 8128 , SL 8213

BANK NIFTY

Bank Nifty spot opened at 17761.65 , made a high of 17763.30, then went down till 17585.65 before closing at 17619.10 . We had mentioned long positions can be taken above 17773 and short positions can be taken below 17664 for the day.  Bank Nifty triggered our short trade and completed 2 targets giving around 70 points . Bank Nifty has to break our support zone of 17553 - 17517 and sustain to test 17419 which it did with a gap down on Monday but reversed from 17425 . As mentioned in the previous post that 'Sustaining below 17419 we may test our support of 17340 - 17290' . 

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 17674 we can see a initial move upto 17708 - 17732 & on sustaining above 17747 we may see further upmove  till 17851. Similarly if Bank Nifty spot sustains below 17564 we may see a initial move on the downside upto 17530 - 17506 &  on sustaining below 17492  we may see further downmove till 17387. 

Bank Nifty Spot Levels for the day are

Long above 17674 for 17708 – 17747 – 17851 , SL 17602

Short below 17564 for 17530 – 17492 – 17387 , SL 17636

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