As mentioned yesterday Nifty opened gap down below 7965 and tested our first target of 7911 and made a low of 7908 and closed near the high point of the day near 7977.10 .
We have just 3 days left for this expiry and we can expect wild swings on both sides in the coming days.
As per today's close if Nifty spot opens gap up then it will face resistance near 8052 - 8067 initially and breaking above 8067 we may see 8097 being tested . Similarly if Nifty spot opens gap down then it will get support near 7902 - 7888 levels initially and breaking below 7888 we may see 7858 being tested .
Now we would need Nifty to give a close above 8090 – 8102 resistance for any further upside.
One test of 7790 -7770 can come as we have mentioned in our previous post too as markets never go up in a straight line.
Reversal Point for Nifty Spot tomorrow is at 7821 & for Bank Nifty Spot at 16677 which should be watched by traders. Now a close below 7820 on Nifty spot and 16670 on Bank Nifty spot would indicate that the upward move is over and we can go back and test 7540.
VIX is currently at 18.17 and PCR at 1.14
Expiry Range for Nifty after Mondays close is 7840 – 8110 .
Levels for tomorrow are
Long above 7995 for 8048 – 8065 – 8083 , SL 7959
Short below 7959 for 7907 – 7889 – 7871 , SL 7995
Bank Nifty Spot
Long above 17650 for 17730 – 17835 – 17940 , SL 17435
Short below 17435 for 17360 – 17255 – 17150 , SL 17650
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Disclaimer : These are my personal views and trades taken on them should be done with a strict SL