Today Nifty spot opened near 8134 above our buy level and also crossed and sustained above 8139 throughout the day and closed at 8179 near the high of the day . Now we need to see the close tomorrow to decide the direction for next week . Tomorrow is a gann date as well as a weekly close and also a big result of Reliance is due tomorrow. It would be interesting to see how the market reacts once it near 8225 - 8245 resistance levels where selling have been witnessed in this series so far .
Bank Nifty spot has also been unable to go beyond 17828 in the last 8 trading days . Tomorrow price action near 17800 - 17832 on the Bank Nifty spot should be closely watched . Unable to break above it once again and we can see some intraday correction coming in.
For tomorrow Nifty spot has initial resistance at 8195 - 8225 levels , breaking and sustaining above it Nifty can test 8255 - 8270 levels . Similarly Nifty spot has initial support at 8164 - 8134 levels , breaking and sustaining below it Nifty can test 8104 - 8089 levels. Today Nifty opened above our buying level by 15 points and completed all targets on the long side giving us 55 points . Bank Nifty also completed 2 targets on the long side and gave us nearly 150 points
Levels for tomorrow are
Long above 8195 for 8212 – 8231 – 8257
Short below 8164 for 8147 – 8128 – 8102
Bank Nifty Spot
Long above 17730 for 17805 – 17875 – 17945
Short below 17640 for 17565 – 17495 – 17430
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .