Monday, 4 July 2016

Nifty & Bank Nifty Spot Outlook for 05th July

NIFTY


Nifty spot opened  at 8376.75,  went up till 8398.45 , made a low of 8364.70 before closing at 8370.70 . We had mentioned that long positions can be taken above 8358 and short positions can be taken below 8299 for the day . Nifty triggered our long trade and completed nearly 2 targets giving 40 points . We were waiting the entire June series for a consecutive close above 8338 and today we got one close above it in July . Lets see if Nifty can give one more close above 8338 and also break above 8454 next . Nifty will confirm weekly longs on sustaining above 8407 spot and can make a move for the initial weekly targets , so one can expect some resistance around these levels . 

Trend reversal in Nifty for this series would be consecutive closing below 8122 and trend continuation would be on consecutive close above 8454 spot . 

For today if Nifty spot sustains above 8401 we can see a initial move upto  8432 & on sustaining above 8440 we may see further upmove till 8497. Similarly if Nifty spot sustains below 8341 we may see a initial move on the downside upto 8309 & on sustaining below 8301 we may see a further downmove till 8244

Nifty Spot Levels for the day are

Long above 8401 for 8419 - 8440 - 8497 , SL 8380

Short below 8341 for 8322 - 8301 - 8244 , SL 8361


BANK NIFTY


Bank Nifty spot opened at 18091.75,went up till 18146.35, made a low at 18054.80 , before closing at 18097.65 . We had mentioned long positions can be taken above 18065 and short positions can be taken below 17906 for the day.  Bank Nifty triggered our long trade and completed 1 target giving 50 points .We were waiting the entire June series for a consecutive close above 18089 and today we got one close above it in July . Lets see if Bank Nifty can give one more close above 18089 and also break above 18371 next . Bank Nifty will confirm weekly longs on sustaining above 18197 spot and can make a move for the initial weekly targets , so one can expect some resistance around these levels . 

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 . 

For today if Bank Nifty spot sustains above 18176 we can see a initial move upto 18259 & on sustaining above 18281 we may see further upmove  till 18431. Similarly if Bank Nifty spot sustains below 18019 we may see a initial move on the downside upto 17936 &  on sustaining below 17915  we may see further downmove till 17765 .

Bank Nifty Spot Levels for the day are

Long above 18176 for 18225 – 18280 – 18431 , SL 18122

Short below 18019 for 17971 – 17915 – 17765 , SL 18073

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