We had mentioned in our post yesterday that Nifty spot has initial resistance at 8168 - 8198 zone and today again Nifty was unable cross it and made a high of 8188 and gave a better close than yesterday at 8177. We still are of the same opinion as said yesterday that as long as 8090 is held Nifty can make another attempt to cross 8200 and test 8225.
Bank Nifty again under performed the broader market today and gave a flattish close with a 10 point gain over yesterday . Bank Nifty will need to participate and cover the gap for Nifty to break above 8200 and test 8225 tomorrow .
Though the current trend is positive above 8085 spot , longs need to be cautious if Nifty nears 8210 - 8225 levels as long term trend is still negative and being unable to sustain above it one may see some selling pressure. Tomorrow we have Chinese markets opening after a gap of 7 days and it would be watched closely.
Nifty spot has initial resistance at 8193 - 8223 , breaking and sustaining above it Nifty can test 8253 - 8268 levels . Similarly Nifty spot has initial support at 8162 - 8132 , breaking and sustaining below it Nifty can test 8102 - 8088 levels
Levels for tomorrow are
Long above 8193 for 8216 – 8239 – 8255 - 8270
Short below 8162 for 8138 – 8115 – 8100 - 8084
Bank Nifty Spot
Long above 17710 for 17783 – 17876 – 17969
Short below 17523 for 17451 – 17358 – 17264
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .