Monday 2 May 2016

Nifty & Bank Nifty Spot Outlook for 03rd May

Nifty spot opened at 7822.70 made a high at 7829.80 , then went down till 7777.30 before closing at 7805.90 . We had mentioned that long positions can be taken above 7874 and short positions can be taken below 7826 for the day .Today Nifty triggered a short trade after opening but completed more than 2 targets on the short side giving around 45 points . As mentioned in my previous post for the current week Nifty has to break and sustain beyond 7772 - 7992 spot range for a decisive move on either side.  For this week Nifty cbsl for longs is 7787 which we breached today but managed to close above .  Had mentioned yesterday that 'Once Nifty breaks and sustains below 7769 we can see a move till 7638 - 7580 - 7546'  , today we saw Nifty reverse from 7777.30 . Similarly breaking and sustaining above 7997 we can see a move till 8060 - 8150 - 8254

For today Nifty spot has resistance on the upside near 7821 - 7832 , sustaining above 7850 is required to test 7880 - 7895 levels . Similarly Nifty spot has support on the downside near 7791 - 7780 , breaking and sustaining below 7762 we can test 7732 - 7718 levels.

Nifty Spot Levels for the day are

Long above 7828 for 7842 - 7858 - 7901 , SL 7813

Short below 7783 for 7769 - 7753 - 7710 , SL 7799

BANK NIFTY


Bank Nifty spot opened at 16614 , made a high of 16674.15 , went down till 16519.55 before closing at 16543 . We had mentioned long positions can be taken above 16856 and short positions can be taken below 16734 for the day.  Bank Nifty triggered a short trade at opening and completed all targets giving around 120 points to those who would have entered even near 16650 . Had mentioned in my previous post 'For this week stoploss for longs would be a close below 16633' and today we have closed below it  . So tomorrow if Bank Nifty spot does not break above 16633 spot and sustain then we may see our lower levels getting tested as today our weekly sell call has been triggered. Those who are shorting this week closing basis stoploss would be 16957 . Had also mentioned that 'Bank Nifty has been trading in a range of 16527 - 17030 and breaking and sustaining of this range is required in this week for a decisive move on either side' and today again we saw Bank Nifty not being able to sustain below 16527 spot and took support at 16520 and reverse for the day .  As mentioned yesterday  ' Once Bank Nifty breaks and sustains below this range we may see a test of 16459 - 16250 - 16010 . Similarly breaking and sustaining above it we may test 17130 - 17340 - 17575'. 

Bank Nifty Spot Levels for the day are

Long above 16613 for 16656 – 16706 – 17055 , SL 16565

Short below 16473 for 16430 – 16380 – 16246 , SL 16521

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

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

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