Today Nifty opened gap up at 8231 near the high made on Friday and made a high of 8244 which is the highest intraday level in the last 33 trading sessions since 21st August. Nifty could not sustain at the higher levels and came down more than 100 points from the intraday high and closed also nearly 100 points down from the intraday high. Nifty has resistance now at 8225 - 8255 zone and closing above this zone is required for continuation of upmove till levels of 8320 - 8350 spot
Bank Nifty was stronger today and closed just 7 points below Fridays close after making a high of 17759 . Bank Nifty is also facing resistance at 17760 - 17830 zone and needs to close above it for further upmove . It has been trading in a range of 17400 - 17830 since the past 5 trading sessions and a break of this range can be expected soon.
The result season has begun and one can expect a lot of volatility based on result reactions and now more stock specific action would be seen in the days to come.
For tomorrow Nifty spot has initial resistance at 8159 - 8189 levels , breaking and sustaining above it Nifty can test 8219 - 8235 levels . Similarly Nifty spot has initial support at 8128 - 8098 levels , breaking and sustaining below it Nifty can test 8068 - 8053 levels. Today Nifty completed two targets on the shortside after opening gap up near our first target on the long side.
Levels for tomorrow are
Long above 8160 for 8182 – 8205 – 8236
Short below 8128 for 8105 – 8082 – 8051
Bank Nifty Spot
Long above 17629 for 17679 – 17734 – 17821
Short below 17537 for 17486 – 17431 – 17344
To view all our previous posts kindly go to https://simplytradestocks.wordpress.com
Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .