Wednesday, 30 September 2015

Outlook For 30th September

Nifty opened gap down today at 7725 near our second support zone of 7722 - 7707 and made a low of 7691 before recovering sharply with the RBI policy being announced and went on to cross both our upper resistance levels mentioned and tested our extreme volatility resistance levels of 7913 - 7973 given yesterday

Today RBI's monetary policy was a pleasant surprise for the market as the Repo rate was reduced by 50 basis points against a 25 basis point expectation which triggered the recovery from the days low and the Nifty moved higher by nearly 235 points  from the days low . It corrected towards the end of the session today by nearly 100 points from the days high with some profit booking coming in at higher levels to finally close at 7843 which is not a  very bullish close considering the mega event went beyond the market expectations 

Nifty gave a overall move of nearly 350 points with swings on both sides which was expected on a big day like today hence we had advised caution yesterday that one should keep booking profits when  available today as many stop loss would have been triggered.

Levels for tomorrow are

Nifty Spot

Long above 7859 for 7902 – 7924 – 7940 , SL 7827

Short below 7827 for 7779 – 7763 – 7747 , SL 7859

Bank Nifty Spot

Long above 17384 for 17463 – 17566 – 17669 , SL 17179

Short below 17179 for 17099 – 16996 – 16894 , SL 17384

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Disclaimer : These are my personal views and trades taken on them should be done with a strict SL

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