NIFTY
Nifty spot opened at 7587.20 and made a high at 7588.30 and then went down till 7487.80 and closed at 7510.30. We were expecting Nifty to take resistance near 7578 - 7589 as mentioned in our post yesterday and being unable to cross 7589 at opening Nifty began correcting from there. Nifty gave a trade on the short side today and completed 2 targets giving nearly 40 points . Today we have closed below 7539.60 which can make Nifty test 7440 levels if we keep sustaining below it .
Today Nifty spot has resistance on the upside near 7525 - 7536 , sustaining above 7554 is required to test 7583 - 7597 levels . Similarly Nifty spot has support on the downside near 7496 - 7485, breaking and sustaining below 7467 we can test 7438 - 7424 levels.
Nifty Spot Levels for the day are
Long above 7539 for 7556 - 7576 - 7616
Short below 7482 for 7464 - 7444 - 7405
BANK NIFTY
Bank Nifty spot opened at 16080.40 which was also the high for the day and then went down till 15699.40 and closed at 15734.80 . Bank Nifty gave a trade on the short side and completed all target giving nearly 175 points . Bank Nifty has closed below 15800 and we can see it test 15400 levels if it sustains below it . As mentioned in our previous post 'Overall we are having weak global sentiments hence a big move on the upside would have to be backed by some really strong positive news flow '.
Bank Nifty Spot Levels for the day are
Long above 15801 for 15842 – 15888 – 15982
Short below 15668 for 15628 – 15581 – 15488
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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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