Sunday, 3 July 2016

Nifty & Bank Nifty Spot Outlook for 04th July

NIFTY


Nifty spot opened  at 8313.05, made a low at 8308.65 , went up till 8356.75  before closing at 8328.35 . Had mentioned that long positions can be taken above 8318 and short positions can be taken below 8257 for the day . Nifty triggered our long trade and completed nearly 2 targets giving around 35 points . Today we saw Nifty sustain above 8300 and also break above 8338 which was the resistance we had been mentioning since June  but Nifty could not give a close above it .  

Trend reversal in Nifty for this series would be consecutive closing below 8122 and trend continuation would be on consecutive close above 8454 spot . We would first watch for a close above 8338 now which has been elusive all through June.

For today if Nifty spot sustains above 8358 we can see a initial move upto  8390 & on sustaining above 8398 we may see further upmove till 8454. Similarly if Nifty spot sustains below 8299 we may see a initial move on the downside upto 8267 & on sustaining below 8259 we may see a further downmove till 8202

Nifty Spot Levels for the day are

Long above 8358 for 8376 - 8398 - 8454 , SL 8319

Short below 8299 for 8280 - 8259 - 8202 , SL 8338


BANK NIFTY


Bank Nifty spot opened at 18019.70, made a low at 17955.30 ,went up till 18074.95 before closing at 17985.65 . We had mentioned long positions can be taken above 18015 and short positions can be taken below 17856 for the day.  Bank Nifty triggered our long trade but completed only 1 target giving around 50 points . Bank Nifty traded above 18000 for quite sometime but was still unable to break above 18089 which was the resistance we had been mentioning since June . 

Trend reversal in Bank Nifty for this series would be consecutive closing below 17500 and trend continuation would be on consecutive close above 18371 spot . We would first watch for a close above 18089 which has been elusive all through June

For today if Bank Nifty spot sustains above 18065 we can see a initial move upto 18150 & on sustaining above 18171 we may see further upmove  till 18323. Similarly if Bank Nifty spot sustains below 17906 we may see a initial move on the downside upto 17822 &  on sustaining below 17800  we may see further downmove till 17648 .

Bank Nifty Spot Levels for the day are

Long above 18065 for 18115 – 18171 – 18323 , SL 18010

Short below 17906 for 17857 – 17800 – 17648 , SL 17961

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