Wednesday, 6 July 2016

Nifty & Bank Nifty Spot Outlook for 07th July

NIFTY


Nifty spot opened  at 8379.30,  made a high of 8381.45 , went down till 8319.95 before closing at 8335.95 . We had mentioned that long positions can be taken above 8401 and short positions can be taken below 8341 for the day . Nifty triggered our short trade and completed just 1 targets giving 20 points .We were waiting the entire June series for a consecutive close above 8338 and had got one on Monday but failed to get a consecutive close on Tuesday and fell short by just 2 points . As mentioned in the previous post also Nifty will confirm weekly longs on sustaining above 8407 spot , 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 8366 we can see a initial move upto  8398 & on sustaining above 8407 we may see further upmove till 8464. Similarly if Nifty spot sustains below 8306 we may see a initial move on the downside upto 8274 & on sustaining below 8266 we may see a further downmove till 8208

Nifty Spot Levels for the day are

Long above 8366 for 8385 - 8407 - 8464 , SL 8345

Short below 8306 for 8287 - 8266 - 8208 , SL 8327


BANK NIFTY


Bank Nifty spot opened at 18122.40, made a high of 18124.10 , then went down till 17989.60 , before closing at 18004.25 . We had mentioned long positions can be taken above 18176 and short positions can be taken below 18019 for the day.  Bank Nifty triggered our short trade but could not complete any target . We were waiting the entire June series for a consecutive close above 18089 and had got one on Monday but failed to get a consecutive close on Tuesday and fell short by 85 points . As mentioned in the previous post also Bank Nifty will confirm weekly longs on sustaining above 18197 spot , 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 18084 we can see a initial move upto 18169 & on sustaining above 18197 we may see further upmove  till 18343. Similarly if Bank Nifty spot sustains below 17924 we may see a initial move on the downside upto 17840 &  on sustaining below 17818  we may see further downmove till 17665 .

Bank Nifty Spot Levels for the day are

Long above 18084 for 18134 – 18190 – 18343 , SL 18029

Short below 17924 for 17875 – 17818 – 17665 , SL 17980

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