Thursday, 23 June 2016

Nifty & Bank Nifty Spot Outlook for 24th June

NIFTY


Nifty spot opened  at 8201.15, made a low of 8188.30 ,went up till 8285.60  before closing at 8270.45 . Had mentioned that long positions can be taken above 8224 and short positions can be taken below 8184 for the day . Nifty triggered our long trade and completed nearly all 3 targets giving around 50 points .  Had mentioned yesterday '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 '. Today we saw Nifty come close to testing our resistance zone and missed it by just 1.40 points . 
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 8292 we can see a initial move upto 8305 - 8314 & on sustaining above 8320 we may see further upmove till 8360. Similarly if Nifty spot sustains below 8249 we may see a initial move on the downside upto 8236 - 8227 & on sustaining below 8221 we may see a further downmove till 8181. 

Nifty Spot Levels for the day are

Long above 8292 for 8305 - 8320 - 8360 , SL 8277

Short below 8249 for 8236 - 8221 - 8181 , SL 8264


BANK NIFTY


Bank Nifty spot opened at 17630.80 , made a low of 17611 then went up till 17907.50 before closing at 17892 . We had mentioned long positions can be taken above 17681 and short positions can be taken below 17571 for the day.  Bank Nifty triggered our long trade and completed all 3 targets giving around 200 points . Bank Nifty broke our initial weekly resistance zone of 17803 - 17869 and also managed to close above it . Our next resistance zone is at 18052 - 18098 and which may get tested now . In the previous session we had seen Bank Nifty taking support near our support zone of 17553 - 17517 today and reverse . 

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 17958 we can see a initial move upto 17999 - 18028 & on sustaining above 18045 we may see further upmove  till 18171. Similarly if Bank Nifty spot sustains below 17826 we may see a initial move on the downside upto 17785 - 17756 &  on sustaining below 17739  we may see further downmove till 17613. 

Bank Nifty Spot Levels for the day are

Long above 17958 for 17999 – 18045 – 18171 , SL 17872

Short below 17826 for 17785 – 17739 – 17613 , SL 17912

Now today we will have Brexit / Bremain part results out before our opening and we shall react to the same at opening and also the final result is expected around noon which should give some swings no matter what be the outcome.Use TSL today for any position taken. Once a trade is triggered and 1 target achieved move SL to entry point and keep moving it with every target  accordingly as we might go beyond our range too given for the day . Wild swings can be expected in the session and also it would be the weekly closing .


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