We were expecting Nifty to test 7832 - 7802 support initially , and Nifty made a low of 7804 and reversed from there to go higher and took resistance near our expected level of 7860 - 7890 by making a high 7894 before closing at 7868.
This is another lower monthly close if compared with the previous expiry indicating that bearishness is still there in the market.
Now everyone would be waiting to see what happens on Tuesday, 29th of September when RBI announces its monetary policy wherein a rate cut is expected by a majority. So the last one hour on Monday would be interesting as big players would take positions ahead of the event .
As per today’s close if Nifty spot opens gap up, then it will face resistance near 7883 – 7912 initially and breaking above that next resistance at 7942 - 7957 can get tested . Similarly if Nifty spot opens gap down then it will get support near 7853 – 7823 levels initially and breaking below that next support at 7794 - 7779 can get tested .
One should exercise caution once Nifty nears 8022 - 8046 as that is where the supply is coming and only 2 close above 8073 can open doors for higher levels
Levels for tomorrow are
Nifty Spot
Long above 7895 for 7937 – 7955 – 7972 , SL 7851
Short below 7851 for 7800 – 7781 – 7764 , SL 7885
Bank Nifty Spot
Long above 17300 for 17380 – 17482 – 17585 , SL 17094
Short below 17094 for 17014 – 16911 – 16809 , SL 17300
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Disclaimer : These are my personal views and trades taken on them should be done with a strict SL
Intraday Update
ReplyDeleteNifty CMP 7864
Breaking and sustaining above 7876 required to test 7905 - 7920
& breaking and sustaining above 7920 Nifty can test 7950
Similarly breaking and sustaining below 7850 required to test 7820 -7805
& breaking and sustaining below 7805 Nifty can test 7776
No trade zone 7850 - 7876
Sell triggered and supp taken at 7806 for now , those who have shorted can book , if 7805 also has to be broken then Nifty should not break above 7831 now
Deletegood analysis. targets followed as mentioned in the reading above.
ReplyDeleteThanks :)
Delete