Thursday, 7 July 2016

Nifty & Bank Nifty Spot Outlook for 08th July

NIFTY


Nifty spot opened  at 8342,  made a high of 8361.95 , went down till 8317.70 before closing at 8337.90 . We had mentioned that long positions can be taken above 8366 and short positions can be taken below 8306 for the day . Nifty did not trigger any trade for the day and stayed between 8306 - 8366 for the entire session. 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 . Today again we have got a close at 8337.90 just 0.10 points below 8338 .  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 . After trading in a very narrow range for the past 3 days we can now expect a big move in the next 2 trading sessions.

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 8367 we can see a initial move upto  8398 & on sustaining above 8407 we may see further upmove till 8462. Similarly if Nifty spot sustains below 8309 we may see a initial move on the downside upto 8291 & on sustaining below 8270 we may see a further downmove till 8214

Nifty Spot Levels for the day are

Long above 8367 for 8385 - 8407 - 8462 , SL 8347

Short below 8309 for 8291 - 8270 - 8214 , SL 8329


BANK NIFTY


Bank Nifty spot opened at 18036.30, made a low of 17997.10 , then went up till 18146.55 , before closing at 18084.90 . We had mentioned long positions can be taken above 18084 and short positions can be taken below 17924 for the day.  Bank Nifty triggered our long trade and completed just 1 target giving around 50 points . 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 . Today again we have closed just 5 points below 18089 . 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 18160 we can see a initial move upto 18239 & on sustaining above 18259 we may see further upmove  till 18401. Similarly if Bank Nifty spot sustains below 18010 we may see a initial move on the downside upto 17931 &  on sustaining below 17911  we may see further downmove till 17768 .

Bank Nifty Spot Levels for the day are

Long above 18160 for 18206 – 18259 – 18401 , SL 18108

Short below 18010 for 17964 – 17911 – 17768 , SL 18062

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