NIFTY
Nifty spot opened flat at 7643.3 made a low of 7610 just below the previous days close and moved up till 7691.95 and closed near the days high at 7683.30 . Nifty was unable to break below our selling range for the day and moved up today to achieve all targets on the long side . Yesterday had mentioned that 7591 needed to be broken for further downside this week . Today's move has given some hope to bulls and tomorrow if we break and sustain above today's high then we might see a test of 7754 - 7766 on the upside . Sustaining or closing above 7766 can take us back to test 7875 and above , so 7766 spot on Nifty should be closely watched as selling pressure is expected near it and if broken and sustained short covering may come in above this level pushing Nifty higher .
For tomorrow Nifty spot has resistance on the upside near 7699 - 7708 ,sustaining above 7727 is required to test 7757 - 7771 levels . Similarly Nifty spot has support on the downside near 7669 - 7658 , breaking and sustaining below 7640 we can test 7610 - 7596
Nifty Spot Levels for the day are
Long above 7695 for 7708 - 7727 - 7763
Short below 7672 for 7658 - 7640 - 7604
BANK NIFTY
Bank Nifty spot opened at 16697.20 made a high of 16745.20 and it corrected till 16573.15 and closed at 16711.05 . Had mentioned in yesterdays post 'Tomorrow 16580 spot will be a important level to watch as sustaining below it we can slide further to test the next targets as posted in the Weekly Outlook for 07th to 11th December' . Today Bank Nifty broke 16580 but recovered immediately and gave a bounce back . Now tomorrow 16810 should provide some resistance on the upside and sustaining above it we can move higher.
Bank Nifty Spot levels for intraday are
Long above 16750 for 16780 – 16800 – 16870
Short below 16670 for 16640 – 16620 – 16550
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss
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