Nifty & Bank Nifty Spot Outlook for 13th July

NIFTY

Nifty spot opened  at 8502.60,  made a low of 8479.20 , went up till 8526.60 before closing at 8521.05 . We had mentioned that long positions can be taken above 8488 and short positions can be taken below 8448 for the day . Nifty triggered our long trade and completed 2 targets giving us around 30 points . As mentioned in the prevous post 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 . 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.

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 8541 we can see a initial move upto  8563 & on sustaining above 8568 we may see further upmove till 8607. Similarly if Nifty spot sustains below 8501 we may see a initial move on the downside upto 8479 & on sustaining below 8474 we may see a further downmove till 8435

Nifty Spot Levels for the day are

Long above 8541 for 8554 - 8568 - 8607 , SL 8515

Short below 8501 for 8488 - 8474 - 8435 , SL 8527

BANK NIFTY

Bank Nifty spot opened at 18527.85, made a low of 18464.15 , then went up till 18684.45 , before closing at 18667.60 . We had mentioned long positions can be taken above 18444 and short positions can be taken below 18338 for the day.  Bank Nifty triggered our long trade and completed all 3 targets giving us around 180 points .As mentioned in the previous post now that we have broken and also closed above 18371  , hence those holding longs should now do so with a cbsl of 18204 spot . 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.

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 18725 we can see a initial move upto 18786 & on sustaining above 18801 we may see further upmove  till 18911. Similarly if Bank Nifty spot sustains below 18610 we may see a initial move on the downside upto 18550 &  on sustaining below 18534  we may see further downmove till 18425.

Bank Nifty Spot Levels for the day are

Long above 18725 for 18760 – 18801 – 18911 , SL 18685

Short below 18610 for 18575 – 18534 – 18425 , SL 18650

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