Nifty spot opened at 7792.20 , made a high for the day at 7812.40 , towards the end went down till 7735.75 before closing at 7749.70 . Had mentioned that long positions can be taken above 7809 and short positions can be taken below 7758 for the day .Today Nifty triggered our long trade but could not sustain above 7809 as Bank Nifty failed to trigger its long trade and was not supporting Nifty giving indications of reversing for the day. Nifty reversed from the day high and triggered our short trade at 7758 and completed just 1 target giving around 20 points . As mentioned in the last daily post Nifty will be strong once we get a consecutive close above 7980 spot . Nifty has been trading in a range of 7678 - 7992 now for the past 25 sessions and sustaining / closing on any side can give upto a 3% move on that side.
For today if Nifty spot sustains above 7761 - 7769 we can see a initial move upto 7780 - 7789 & on sustaining above 7794 we may see further upmove till 7830. Similarly if Nifty spot sustains below 7738 - 7731 we may see a initial move on the downside upto 7719 - 7711 & on sustaining below 7706 we may see a further downmove till 7670.
Nifty Spot Levels for the day are
Long above 7769 for 7780 - 7794 - 7830 , SL 7756
Short below 7731 for 7719 - 7706 - 7670 , SL 7744
Bank Nifty spot opened at 16600.80 made a high at 16623.20, went down till 16455.40 before closing at 16481.45 . We had mentioned long positions can be taken above 16629 and short positions can be taken below 16501 for the day. Bank Nifty triggered a short trade and completed just slightly more than our 1st target giving around 40 points from the short trade . As mentioned in my previously Bank Nifty will be strong once we get a consecutive close above 17002 . Bank Nifty has been trading in a range of 16012 - 17030 for the past 25 sessions now and sustaining / closing on any side can give upto a 3% move on that side. On Friday though Nifty made a new weekly low , Bank Nifty did not test its low of 16431.65 for the week made on 16th May.
For today if Bank Nifty spot sustains above 16508 - 16524 we can see a initial move upto 16550 - 16568 & on sustaining above 16579 we may see further upmove till 16660. Similarly if Bank Nifty sustains below 16455 - 16439 we may see a initial move on the downside upto 16413 - 16395 & on sustaining below 16383 we may see further downmove till 16303
Bank Nifty Spot Levels for the day are
Long above 16524 for 16550 – 16579 – 16660 , SL 16494
Short below 16439 for 16413 – 16383 – 16303 , SL 16468
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss