Nifty spot opened at 8115.75, made a low of 8107.35 ,went up till 8244.15 before closing at 8238.50 . Had mentioned that long positions can be taken above 8192 and short positions can be taken below 8149 for the day . Nifty triggered our intraday short trade at opening with a gap down and took support near the lower level of our weekly support zone of 8135 - 8113 and reversed . Nifty went up to trigger our long call and completed 2 targets giving us nearly 50 points . The new of Brexit fears easing was the reason for a global rally today and it also helped us get over the news of Rexit which had also come over the weekend . One can expect this upmove to continue tomorrow with a gapup and we can now test our next resistance zone for this week of 8287 - 8302 within which also lies our current month high of 8295, as we have triggered our weekly longs by closing above 8227 spot today.
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 8260 we can see a initial move upto 8274 - 8283 & on sustaining above 8289 we may see further upmove till 8331. Similarly if Nifty spot sustains below 8217 we may see a initial move on the downside upto 8203 - 8194 & on sustaining below 8188 we may see a further downmove till 8146.
Nifty Spot Levels for the day are
Long above 8260 for 8274 - 8289 - 8331 , SL 8245
Short below 8217 for 8203 - 8188 - 8146 , SL 8232
Bank Nifty spot opened at 17425.80 which was also the low for the day , then went up till 17779 before closing at 17718.60 . We had mentioned long positions can be taken above 17761 and short positions can be taken below 17631 for the day. Bank Nifty triggered our intraday short trade at opening with a gap down and did not give a chance to enter shorts and reversed from just above our last target for the day . Bank Nifty triggered our long trade later buy took our SL . Overall Bank Nifty was under performing the Nifty today and closed just 22 points above the previous close as compared to Nifty which closed 68 points above the previous days close . We were expecting Bank Nifty to break our support zone of 17553 - 17517 which it did with a gap down giving no opportunity to take a short trade today . Had mentioned in the previous post that 'Sustaining below 17419 we may test our support of 17340 - 17290' . Today Bank Nifty reversed from 17425.80 . There was an opportunity to go long here but not many would have taken the trade . As mentioned in the previous post the next support zone is 17340 - 17290 for the Bank Nifty.
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 17773 we can see a initial move upto 17807 - 17831 & on sustaining above 17845 we may see further upmove till 17950. Similarly if Bank Nifty spot sustains below 17664 we may see a initial move on the downside upto 17630 - 17606 & on sustaining below 17592 we may see further downmove till 17488. Sustaining below 17419 we may test our support of 17340 - 17290 .
Bank Nifty Spot Levels for the day are
Long above 17773 for 17807 – 17845 – 17950 , SL 17702
Short below 17664 for 17630 – 17592 – 17488 , SL 17735
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss