Nifty & Bank Nifty Spot Outlook for 30th June

NIFTY

Nifty spot opened  at 8173.10, made a low at 8157.65 , went up till 8212.40  before closing at 8204 . Had mentioned that long positions can be taken above 8168 and short positions can be taken below 8100 for the day . Nifty triggered our long trade and completed 2 targets giving around 40 points . Today we saw Nifty reclaiming 8200 on closing . Our weekly longs got confirmed today and we nearly achieved our 3rd initial target of 8218 for the week . We can see it getting extended till 8253 spot but for further upmove Nifty spot will have to break and sustain above 8274 . 

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 8233 we can see a initial move upto  8263 & on sustaining above 8274 we may see further upmove till 8325. Similarly if Nifty spot sustains below 8175 we may see a initial move on the downside upto 8145 & on sustaining below 8138 we may see a further downmove till 8083 

Nifty Spot Levels for the day are

Long above 8233 for 8250 - 8270 - 8325 

Short below 8175 for 8158 - 8138 - 8083 

BANK NIFTY

Bank Nifty spot opened at 17643.85, made a low at 17580.50 ,went up till 17728.95 before closing at 17689.90 . We had mentioned long positions can be taken above 17642 and short positions can be taken below 17486 for the day.  Bank Nifty triggered our long trade at opening and also took our SL for intraday but did not test our SL for weekly buy which was at 17559 . It then went up to complete nearly 2 targets on the long side giving around 80 points . Today Bank Nifty has confirmed our weekly long trade by closing above 17642 which can now show us  a move till 17870 but for further upmove Bank Nifty will have to break and sustain above 17927 .

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 17763 we can see a initial move upto 17840 & on sustaining above 17859 we may see further upmove  till 17998. Similarly if Bank Nifty spot sustains below 17617 we may see a initial move on the downside upto 17540 &  on sustaining below 17521  we may see further downmove till 17382.

Bank Nifty Spot Levels for the day are

Long above 17763 for 17808 – 17859 – 17998 

Short below 17617 for 17572 – 17521 – 17382 

We are now on the last day of the June series and the following are the expiry range we are expecting for both the indices .

NIFTY - Expiry Range - 8135 - 8273

BANK NIFTY - Expiry Range - 17540 - 17840

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