Tuesday, 28 June 2016

Nifty & Bank Nifty Spot Outlook for 29th June

NIFTY


Nifty spot opened  at 8096.05, made a low at 8086.85 , went up till 8146.35  before closing at 8127.85 . Had mentioned that long positions can be taken above 8125 and short positions can be taken below 8064 for the day . Nifty triggered our long trade and completed just 1 target giving around 20 points . Today we saw Nifty reclaiming 8100 on closing . Our weekly longs got triggered on close above 8138  but we still need to break and sustain 8168 tomorrow for confirmation of the same , which if done can see a test of 8193 - 8218 

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 8168 we can see a initial move upto  8185 & on sustaining above 8193 we may see further upmove till 8246. Similarly if Nifty spot sustains below 8100 we may see a initial move on the downside upto 8071 & on sustaining below 8063 we may see a further downmove till 8010. 

Nifty Spot Levels for the day are

Long above 8168 for 8180 - 8193 - 8246 , SL 8140

Short below 8100 for 8083 - 8063 - 8010 , SL 8119


BANK NIFTY


Bank Nifty spot opened at 17497, made a low at 17481.50 ,went up till 17626.70 before closing at 17561.55 . We had mentioned long positions can be taken above 17597 and short positions can be taken below 17433 for the day.  Bank Nifty triggered our long trade but did not complete any targets today . Had mentioned in the previous post that 'Need Bank Nifty to break and sustain above 17642 spot this week for upmove to begin'. Today we got a consecutive close above 17500 but still we would need Bank Nifty to break and sustain above 17642 for any good move on the upside.Our weekly longs got triggered on close above 17559 but we still need to break and sustain 17642 tomorrow for confirmation of the same , which if done can see a test of 17775 - 17870 .

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 17642 we can see a initial move upto 17717 & on sustaining above 17737 we may see further upmove  till 17881. Similarly if Bank Nifty spot sustains below 17486 we may see a initial move on the downside upto 17406 &  on sustaining below 17386  we may see further downmove till 17242.

Bank Nifty Spot Levels for the day are

Long above 17642 for 17684 – 17737 – 17881 , SL 17585

Short below 17486 for 17440 – 17386 – 17242 , SL 17538

With now 2 days left for expiry , we are seeing a bounce on all the global indices which could be a dead cat bounce too . We may see some volatility in the next 2 days due to June series expiry too. Longs should be cautious near 8193 - 8218 spot levels on Nifty & 17774 - 17870 spot levels on Bank Nifty where we may see some resistance.

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