Monday, 18 July 2016

Nifty & Bank Nifty Spot Outlook for 18th July

NIFTY


Nifty spot opened  at 8565.45,  made a high of 8594.80 , went down till 8510.05 before closing at 8541.40 . We had mentioned that long positions can be taken above 8584 and short positions can be taken below 8546 for the day . Nifty triggered our long trade and missed completing our 1st target by 1 point and then went on to trigger our short trade and completed 2 targets . Overall not a great day as our SL for longs got triggered which got adjusted our gains of the short trade . 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 once again Nifty failed to give a close above these levels inspite of breaking above it . Those who are holding positional longs on closing above 8454 spot , should now be cautious if resistances are not broken and if still holding should 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' . The next resistance zone above 8575 is near 8630 - 8651 .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 8562 we can see a initial move upto  8583 & on sustaining above 8589 we may see further upmove till 8627. Similarly if Nifty spot sustains below 8521 we may see a initial move on the downside upto 8500 & on sustaining below 8494 we may see a further downmove till 8456


Nifty Spot Levels for the day are

Long above 8562 for 8574 - 8589 - 8627 , SL 8535

Short below 8521 for 8509 - 8494 - 8456 , SL 8548


BANK NIFTY


Bank Nifty spot opened at 18887.90, made a low of 18772.45 , then went up till 19016.10 , before closing at 18953.65 . We had mentioned long positions can be taken above 18925 and short positions can be taken below 18803 for the day.  Bank Nifty triggered our short trade but could not complete even 1 target and then triggered our long trade and completed 2 targets. Overall not a great day as our SL for shorts got triggered which got adjusted our gains of the long trade . Had mentioned in the previous post on closing above our resistance zone of 18735 - 18831 that that since we broke above our resistance zone of 18735 - 18831 'Now we are headed to the next resistance levels of 18947 - 19155 where it may face the next resistance'Those who are holding positional longs on closing above 18371 spot , should now be cautious if resistances are not broken and if still holding longs should do so with a cbsl of 18204 spot . Bank Nifty has outperformed for the last few days and we may see a small correction come if we do not get a consecutive close above 19155 . As of now Bank Nifty has some support near 18620 -18520 .

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 19015 we can see a initial move upto 19079 & on sustaining above 19096 we may see further upmove  till 19212. Similarly if Bank Nifty spot sustains below 18893 we may see a initial move on the downside upto 18828 &  on sustaining below 18812  we may see further downmove till 18695.

Bank Nifty Spot Levels for the day are

Long above 19015 for 19053 – 19096 – 19212 , SL 18935

Short below 18893 for 18855 – 18812 – 18695 , SL 18973

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate box at the bottom of the post.

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