Nifty & Bank Nifty Spot Outlook for 27th June

NIFTY

Nifty spot opened  at 8029.10 made a low of 7927.05 ,went up till 8100.70  before closing at 8088.60 . Had mentioned that long positions can be taken above 8292 and short positions can be taken below 8249 for the day . Nifty opened below our last target on the short side for the day . Had mentioned in the previous post 'Once a trade is triggered and 1 target achieved move SL to entry point and keep moving it with every target  accordingly as we might go beyond our range too given for the day' . Those who would have followed our weekly levels would have realised that on sustianing below 8053 our last target was 7930 for this week and Nifty made a low of 7927.05 . Even entering after opening would have given 100 points from the short trade . 

Trend reversal in Nifty for this series would be consecutive closing below 7982 and trend continuation would be on consecutive close above 8338 spot .

For today if Nifty spot sustains above 8119 we can see a initial move upto 8137 - 8151 & on sustaining above 8159 we may see further upmove till 8216. Similarly if Nifty spot sustains below 8058 we may see a initial move on the downside upto 8040 - 8026 & on sustaining below 8018 we may see a further downmove till 7961. 

Nifty Spot Levels for the day are

Long above 8119 for 8137 - 8159 - 8216 , SL 8098

Short below 8058 for 8040 - 8018 - 7961 , SL 8079

BANK NIFTY

Bank Nifty spot opened at 17213.85 , made a low of 16946.35 then went up till 17459.20 before closing at 17426.05 . We had mentioned long positions can be taken above 17958 and short positions can be taken below 17826 for the day.  Bank Nifty also opened below our last target on the short side for the day .Had mentioned in the previous post 'Once a trade is triggered and 1 target achieved move SL to entry point and keep moving it with every target  accordingly as we might go beyond our range too given for the day' .Those who would have followed our weekly levels would have realised that on sustianing below 17340 our last target was 16963 for this week and Bank Nifty made a low of 16946.35 .Even entering after opening would have given 250 points from the short trade . 

Trend reversal in Bank Nifty for this series would be consecutive closing below 17152 and trend continuation would be on consecutive close above 18089 spot .

For today if Bank Nifty spot sustains above 17508 we can see a initial move upto 17558 - 17594 & on sustaining above 17615 we may see further upmove  till 17771. Similarly if Bank Nifty spot sustains below 17345 we may see a initial move on the downside upto 17294 - 17258 &  on sustaining below 17237  we may see further downmove till 17081 . 

Bank Nifty Spot Levels for the day are

Long above 17508 for 17558 – 17615 – 17771 , SL 17451

Short below 17345 for 17294 – 17237 – 17081 , SL 17401

We are now entering the expiry week for June series and we have still lots of winds blowing from the EU regarding the Brexit voting which had created chaos on Friday worldwide. One can expect good volatility this week and should trade with a strict SL .

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