Thursday, 14 July 2016

Nifty & Bank Nifty Spot Outlook for 15th July

NIFTY


Nifty spot opened  at 8515.75,  made a low of 8500.70 , went up till 8571.40 before closing at 8565 . We had mentioned that long positions can be taken above 8540 and short positions can be taken below 8499 for the day . Nifty triggered our long trade and completed 2 targets giving around 30 points . After opening Nifty went close to our short trigger and reversed . There was a opportunity to go long there when our short trade did not trigger and if anyone would have taken the trade would got 40 points more . Have been mentioning in the previous posts '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 Nifty fell short of 4 points to break out of our resistance zone  and also closed within it . 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 . Had mentioned in the previous posts ' 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' . Looking at the global cues we are most probably heading for a gap up and will face the next resistance near 8630 - 8651 and one can look at booking profits in pending longs positions near this zone . Those who are looking to go short should keep a strict cbsl of 8673 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 8584 we can see a initial move upto  8605 & on sustaining above 8610 we may see further upmove till 8647. Similarly if Nifty spot sustains below 8546 we may see a initial move on the downside upto 8525 & on sustaining below 8520 we may see a further downmove till 8483


Nifty Spot Levels for the day are

Long above 8584 for 8596 - 8610 - 8647 , SL 8559

Short below 8546 for 8534 - 8520 - 8483 , SL 8571


BANK NIFTY


Bank Nifty spot opened at 18633.50, made a low of 18580.20 , then went up till 18880.90 , before closing at 18863.75 . We had mentioned long positions can be taken above 18680 and short positions can be taken below 18558 for the day.  Bank Nifty triggered our long trade and completed all 3 targets giving around 200 points from the trade. Had mentioned in the previous posts 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'  but we saw Bank break out of the resistance and outperforming Nifty to a good extent and not only break above the resistance but also give a close above it .As mentioned in the previous posts now that we have broken and also closed above 18371  , hence those holding longs should now do so with a cbsl of 18204 spot . Now we are headed to the next resistance levels of 18947 - 19155 where it may face the next resistance.

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 18925 we can see a initial move upto 18990 & on sustaining above 19006 we may see further upmove  till 19123. Similarly if Bank Nifty spot sustains below 18803 we may see a initial move on the downside upto 18738 &  on sustaining below 18722  we may see further downmove till 18605.

Bank Nifty Spot Levels for the day are

Long above 18925 for 18963 – 19006 – 19123 , SL 18845

Short below 18803 for 18765 – 18722 – 18605 , SL 18883

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