NIFTY AND BANKNIFTY LEVELS FOR MONDAY 16TH JUNE 2014 – BEATdSTREET

BANKNIFTY FUTURES LEVELS FOR THE DAY:
BANKNIFTY RANGE FOR THE DAY IS 14820-14500
Resistances are at 15325-15480 and supports at 15000-14842
Above 15530 is a range breakout with further targets/resistances placed at 15715-15900
Below 14820 is a range breakdown with further targets/supports placed at 14750-14470
BankNifty Futures is strong only above 15340

NIFTY FUTURES LEVELS FOR THE DAY:
NIFTY RANGE FOR THE DAY IS 7475-7646
Resistances are at 7600-7646 and supports at 7515-7477
Above 7650 is a range breakout with further targets/resistances placed at 7695-7740
Below 7477 is a range breakdown with further supports/targets placed at 7451-7400
Nifty Futures is strong only above 7600

A VIEW ON NIFTY SPOT:
As predicted Nifty cracked up and crashed as if the National Capital of India was Baghdad and not New Delhi. REMEMBER, when a correction is overdue, the news is only a ruse to pull it down. Just a spike to 7678.50 is all it could muster and spent the whole day below the resolute resistance of 7683.15. We had mentioned yesterday that 7656-7683.15 would be the immediate resistances and that’s exactly how it panned out. We stand vindicated.

Now the range of 7507-7484-7464 becomes a support band going forward. However, if 7464 is taken out, then 7442 is on the cards where it will present a very good buying opportunity in the pre-budget rally. On the upside 7570 becomes immediate resistance and then come the band of 7592-7625. On scaling this it faces the litmus test at 7683.15, frontier 7700 and the daunting 7748.

A weak open with a dip towards 7507-7464 can’t be ruled out.

BUY BANKNIFTY AT/ABOVE 15030 TARGET 15315-15470 SL 14830
SELL BANKNIFTY AT/BELOW 15295 TARGETS 15015-14860 SL 15505

BUY NIFTY FUT AT/ABOVE 7528 TARGETS 7596-7636 SL 7472
SELL NIFTY FUT AT/BELOW 7590 TARGETS 7525-7485 SL 7649