Yesterday I was not able to post levels for 14th October due to internet connectivity issue , please accept my apologies for the same.
Today Nifty spot opened gap down by nearly 30 points and made a high of 8139.30 before closing at 8107.9 after trading in a tight range of 50 points the entire day . Yesterday we had closed below 8139 spot that is below our weekly support level of 8139 and also our positional shorting level on a weekly basis ( as mentioned in our weekly outlook posted on 11th October ) and today was unable to break above it indicating some weakness. As long as we are closing below 8139 spot one can stay short and this view will get negated only with 2 consecutive close above 8139 spot on Nifty .
Bank Nifty is also unable to go higher for the past few trading sessions showing signs of tiredness. One should closely watch breaking below 17415 spot, as it will increase pressure to move further on the downside .
For tomorrow Nifty spot has initial resistance at 8123 - 8153 levels , breaking and sustaining above it Nifty can test 8183 - 8198 levels . Similarly Nifty spot has initial support at 8093 - 8063 levels , breaking and sustaining below it Nifty can test 8033 - 8012 levels.
Levels for tomorrow are
Long above 8123 for 8141 – 8162 – 8189
Short below 8093 for 8074 – 8054 – 8027
Bank Nifty Spot
Long above 17590 for 17675 – 17750 – 17820
Short below 17499 for 17415 – 17340 – 17265
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .