BANKNIFTY, NIFTY LEVELS AND VIEW ON NIFTY SPOT FOR 19TH JUNE 2014

BANKNIFTY FUTURES LEVELS FOR THE DAY:

BANKNIFTY RANGE FOR THE DAY IS 15020-15460
Resistances are at 15352-15445 and supports at 15149-15055
Above 15460 is a range breakout with further targets/resistances placed at 15645-16815
Below 15020 is a range breakdown with further targets/supports placed at 14950-14780
BankNifty Futures is strong only above 15305

NIFTY FUTURES LEVELS FOR THE DAY:

NIFTY RANGE FOR THE DAY IS 7480-7680
Resistances are at 7616-7656 and supports at 7523-7481
Above 7681 is a range breakout with further targets/resistances placed at 7699-7744-7795
Below 7470 is a range breakdown with further supports/targets placed at 7435-7358-7282
Nifty Futures is strong only above 7595

A VIEW ON NIFTY SPOT:

As predicted Nifty opened flat and after a negative period sprang into positive territory. Then came the news from Iraq which spooked the markets into a knee jerk low of 7515.50 and immediately surged from the support at 7520 mentioned yesterday by recording an interim high of 7612. However, a deluge of selling saw Nifty tank toward the day’s lows again before closing out at 7558.20 low of 7509.25 in the first half hour of the trading session and smartly moved up to the 7542 to 7553 band. Now, 7560-7625 is a good resistance zone and it will take a lot of character for Nifty to move up above this zone.

Now the range of 7570-7620-7642-7651 becomes a resistance band going forward. On the downside, if 7507 is taken out, then come the band of 7484-7464-7442. On upside, it faces the litmus test at 7683.15, frontier 7700 and the daunting 7748. However, given the resilience depicted by the bulls in the face of “OIL ON BOIL”, this time Nifty may cross 7748 and we could close out the week at an all time high.

BUY BANKNIFTY AT/ABOVE 15170 TARGET 15340-15435 SL 15045

SELL BANKNIFTY AT/BELOW 15329 TARGETS 15160-15068 SL 15455

BUY NIFTY FUT AT/ABOVE 7535 TARGETS 7610-7651 SL 7477

SELL NIFTY FUT AT/BELOW 7599 TARGETS 7529-7488 SL 7664