Wednesday, 13 July 2016

Nifty & Bank Nifty Spot Outlook for 14th July

NIFTY


Nifty spot opened  at 8540.45,  made a low of 8550.25 , went down till 8493.55 before closing at 8519.50 . We had mentioned that long positions can be taken above 8541 and short positions can be taken below 8501 for the day . Nifty triggered our long trade at opening but could not complete even 1 target and triggered our SL . Later on Nifty triggered our shorts and once again could not complete any targets . Had also mentioned yesterday that 'We are now approaching a good resistance zone of 8556 - 8575 for this month and one can expect some profit booking to come in around these levels' , and we saw Nifty taking resistance near 8550 level after market opened today . There was a chance to go short near the high but it would have not been attempted as the day longs had been triggered . As mentioned in the prevous posts now that we have broken and also closed above 8454 spot ,hence those holding longs should now do so with a cbsl of 8390 spot . As we are close to the resistance zone of 8556 - 8575 for this month one can look to book longs here and enter fresh long positions only on consecutive closing above 8575 or near 8400 with 8390 as closing basis stoploss .

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 8541 we can see a initial move upto  8563 & on sustaining above 8568 we may see further upmove till 8607. Similarly if Nifty spot sustains below 8501 we may see a initial move on the downside upto 8479 & on sustaining below 8474 we may see a further downmove till 8435


Nifty Spot Levels for the day are

Long above 8540 for 8552 - 8567 - 8606 , SL 8513

Short below 8499 for 8487 - 8472 - 8433 , SL 8526


BANK NIFTY


Bank Nifty spot opened at 18704.90, made a high of 18711.60 , then went down till 18546.25 , before closing at 18618.95 . We had mentioned long positions can be taken above 18725 and short positions can be taken below 18610 for the day.  Bank Nifty triggered our short trade and missed completing our second target by 12 points giving us around 50 points . Had also mentioned yesterday that 'We are now approaching a good resistance zone for this month of 18735 - 18831 and one can expect some profit booking to come in around these levels'  and we saw Bank Nifty take resistance near 18712 level after market opened today .As mentioned in the previous post now that we have broken and also closed above 18371  , hence those holding longs should now do so with a cbsl of 18204 spot . As we are close to the resistance zone of 18735 - 18831 for this month one can look to book longs here and enter fresh long positions only on consecutive closing above 18831 or near 18400 with 18371 as closing basis stoploss . One can expect some swings tomorrow being the weekly option expiry .

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 18725 we can see a initial move upto 18786 & on sustaining above 18801 we may see further upmove  till 18911. Similarly if Bank Nifty spot sustains below 18610 we may see a initial move on the downside upto 18550 &  on sustaining below 18534  we may see further downmove till 18425.

Bank Nifty Spot Levels for the day are

Long above 18680 for 18718 – 18761 – 18877 , SL 18638

Short below 18558 for 18520 – 18477 – 18361 , SL 18600

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