Monday, 27 June 2016

Nifty & Bank Nifty Spot Outlook for 28th June

NIFTY


Nifty spot opened  at 8039.35 which was also the low for the day, went up till 8120.65  before closing at 8094.70 . Had mentioned that long positions can be taken above 8119 and short positions can be taken below 8058 for the day . Nifty opened near the first target of short trade which also happened to be the level below which our weekly shorts were to get triggered and reversed . Though it opened below our short trigger there was no trade to be taken here . Later towards the 2nd half Nifty triggered our long trade but again could not complete any targets and took out SL . Overall a flat trading day as per the levels mentioned for the day. 

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 8125 we can see a initial move upto 8144 - 8157 & on sustaining above 8165 we may see further upmove till 8223. Similarly if Nifty spot sustains below 8064 we may see a initial move on the downside upto 8046 - 8033 & on sustaining below 8024 we may see a further downmove till 7967. 

Nifty Spot Levels for the day are

Long above 8125 for 8144 - 8165 - 8223 , SL 8104

Short below 8064 for 8046 - 8024 - 7967 , SL 8085


BANK NIFTY


Bank Nifty spot opened at 17346.85 which was also the low of the day ,went up till 17611.20 before closing at 17514.95 . We had mentioned long positions can be taken above 17508 and short positions can be taken below 17345 for the day.  Bank Nifty opened just above our level to go short and reversed from there to trigger our long trade and nearly completed 2 targets giving around 100 points . Need Bank Nifty to break and sustain above 17642 spot this week for upmove to begin.

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 17597 we can see a initial move upto 17648 - 17684 & on sustaining above 17706 we may see further upmove  till 17863. Similarly if Bank Nifty spot sustains below 17433 we may see a initial move on the downside upto 17382 - 17346 &  on sustaining below 17324  we may see further downmove till 17167 . 

Bank Nifty Spot Levels for the day are

Long above 17597 for 17648 – 17706 – 17863 , SL 17540

Short below 17433 for 17382 – 17324 – 17167 , SL 17490

With 3 days to expiry left and world markets falling heavily one should keep a watch on a few levels on the Dax & Dow . Dax will confirm its weekly sell on closing below 9289 and if that happens then it can test 9124 - 9006 where it has some support and some reversal can be expected from around these levels . Similarly Dow will confirm its weekly sell on closing below 17180 and if that happens then it can test 17043 -16946 where it has some support and some reversals can be expected from around these levels . One can expect good volatility this week and should trade with a strict SL .

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