Monday, 18 July 2016

Nifty & Bank Nifty Spot Outlook for 19th July

NIFTY


Nifty spot opened  at 8564.05,  made a high of 8587.10 , went down till 8494.35 before closing at 8508.70 . We had mentioned that long positions can be taken above 8562 and short positions can be taken below 8521 for the day . Nifty triggered our long trade and missed completing our 2nd target by 2 points and hit our TSL . Nifty then went on to trigger our short trade and completed 2 targets again . 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 today was the third day that we have been unable to 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 TSL at 8488 closing basis . As mentioned previously fresh longs should be entered only on consecutive close above 8575 or near 8400 with 8390 as cbsl . One can expect a test of 8630 - 8651 once we break above the current resistance and those going short around 8650 should do so with a strict cbsl of 8673 spot . As of now Nifty has some support near 8415 levels and one should watch the price action once we reach it to determine the next move.

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 8530 we can see a initial move upto  8552 & on sustaining above 8558 we may see further upmove till 8598. Similarly if Nifty spot sustains below 8488 we may see a initial move on the downside upto 8465 & on sustaining below 8460 we may see a further downmove till 8420


Nifty Spot Levels for the day are

Long above 8530 for 8543 - 8558 - 8598 , SL 8502

Short below 8488 for 8475 - 8460 - 8420 , SL 8515


BANK NIFTY


Bank Nifty spot opened at 18998.30, made a high of 19158 , then went down till 18885.00 , before closing at 18923.40 . We had mentioned long positions can be taken above 19015 and short positions can be taken below 18893 for the day.  Bank Nifty triggered our long trade and completed more than 2 targets and hit our TSL . Bank Nifty then went to trigger our short trade but could not complete even 1 target .  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'. Today Bank Nifty made a high at 19158 and took resistance near our expected levels . Those who are holding positional longs on closing above 18371 spot , should now be cautious if resistances are not broken and should move their TSL to 18790 closing basis . Had mentioned in the last post that '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 18987 we can see a initial move upto 19054 & on sustaining above 19070 we may see further upmove  till 19191. Similarly if Bank Nifty spot sustains below 18860 we may see a initial move on the downside upto 18793 &  on sustaining below 18776  we may see further downmove till 18655.

Bank Nifty Spot Levels for the day are

Long above 18987 for 19026 – 19070 – 19191 , SL 18943

Short below 18860 for 18821 – 18776 – 18655 , SL 18904

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