Nifty & Bank Nifty Spot Outlook for 11th July

NIFTY

Nifty spot opened  at 8350,  made a high of 8353.30 , went down till 8287.55 before closing at 8323.20 . We had mentioned that long positions can be taken above 8367 and short positions can be taken below 8309 for the day . Nifty triggered our short trade and completed just 1 targets giving 20 points . We have traded in a small range in a small range since the beginning of this month and yesterdays low was near June month end close level of 8287.75 . We have so far failed to get a consecutive close even above 8338 which we were waiting for since June began . Now after consolidation last week Nifty will confirm weekly longs this week on sustaining above 8362 spot level & will confirm weekly shorts below 8285 spot level . We can expect a big move and also some swings this week after the narrow range move so far this month. 

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 8338 we can see a initial move upto  8353 & on sustaining above 8357 we may see further upmove till 8385. Similarly if Nifty spot sustains below 8309 we may see a initial move on the downside upto 8293 & on sustaining below 8290 we may see a further downmove till 8262

Nifty Spot Levels for the day are

Long above 8338 for 8347 - 8357 - 8385 , SL 8319

Short below 8309 for 8300 - 8290 - 8262 , SL 8328

BANK NIFTY

Bank Nifty spot opened at 18078.05, made a high of 18079.20 , then went down till 17910.90 , before closing at 18016.25 . We had mentioned long positions can be taken above 18160 and short positions can be taken below 18010 for the day.  Bank Nifty triggered our short trade and completed 2 targets giving around 100 points .  We have so far failed to get a consecutive close even above 18089 which we were waiting for since June began . Now after consolidation last week Bank Nifty will confirm weekly longs this week on sustaining above 18114 spot level & will confirm weekly shorts below 17918 spot level . We can expect a big move and also some swings this week after the narrow range move so far this month. 

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 18053 we can see a initial move upto 18092 & on sustaining above 18102 we may see further upmove  till 18173. Similarly if Bank Nifty spot sustains below 17979 we may see a initial move on the downside upto 17940 &  on sustaining below 17930  we may see further downmove till 17860 .

Bank Nifty Spot Levels for the day are

Long above 18053 for 18076 – 18102 – 18173 , SL 18005

Short below 17979 for 17956 – 17930 – 17860 , SL 18028

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