Monday, 11 July 2016

Nifty & Bank Nifty Spot Outlook for 12th July

NIFTY


Nifty spot opened  at 8413.35,  made a low of 8407.05 , went up till 8475.25 before closing at 8467.90 . We had mentioned that long positions can be taken above 8338 and short positions can be taken below 8309 for the day . Nifty not only triggered our long trade but also opened above our last target for the day making us move to our weekly levels posted to trade . As mentioned in our weekly post we were to long again on sustaining above 8402 for the next targets till 8485 and we saw Nifty just fall short our our last target as per weekly levels posted by 10 points giving us nearly 60 points . Had mentioned yesterday that we can expect a big move and also some swings this week after the narrow range move so far this month and we saw a big move and are also on the edge of our last targets for the week . We have also been mentioning that 'Trend reversal in Nifty for this series would be consecutive closing below 8122 and trend continuation would be on consecutive close above 8454 spot ' . Now we have broken above and also got a close above 8454 spot and those holding longs should now do so with a cbsl of 8390 spot . 

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 8488 we can see a initial move upto  8509 & on sustaining above 8515 we may see further upmove till 8553. Similarly if Nifty spot sustains below 8448 we may see a initial move on the downside upto 8427 & on sustaining below 8421 we may see a further downmove till 8383


Nifty Spot Levels for the day are

Long above 8488 for 8500 - 8515 - 8553 , SL 8462

Short below 8448 for 8435 - 8421 - 8383 , SL 8474


BANK NIFTY


Bank Nifty spot opened at 18268.15, made a low of 18243.40 , then went up till 18409.45 , before closing at 18390.95 . We had mentioned long positions can be taken above 18053 and short positions can be taken below 17979 for the day.  Bank Nifty not only triggered our long trade but also opened above our last target for the day making us move to our weekly levels posted to trade . As mentioned in our weekly post we were to long again on sustaining above 18218 for the next targets till 18431 and we saw Bank Nifty just fall short our our last target as per weekly levels posted by 21 points giving us nearly 160 points . Had mentioned yesterday that we can expect a big move and also some swings this week after the narrow range move so far this month and we saw a big move and are also on the edge of our last targets for the week . We have also been mentioning that '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 ' . Now we have broken above and also got a close above 18371 spot and those holding longs should now do so with a cbsl of 18204 spot . 

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 18444 we can see a initial move upto 18500 & on sustaining above 18515 we may see further upmove  till 18616. Similarly if Bank Nifty spot sustains below 18338 we may see a initial move on the downside upto 18281 &  on sustaining below 18267  we may see further downmove till 18165 .

Bank Nifty Spot Levels for the day are

Long above 18444 for 18477 – 18515 – 18616 , SL 18407

Short below 18338 for 18305 – 18267 – 18165 , SL 18375

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