On Friday Nifty recovered well from the days low of 8147 and gave a quick move of nearly 100 points towards the end of the trading session. We had mentioned in our post for 16th October that 'it would be interesting to see how the market reacts once it nears 8225 - 8245 resistance levels where selling have been witnessed in this series so far' .The week ended on a positive note with Nifty closing at 8238.15, close to the day high of 8246.40 indicating further upmove is possible in the days to come on getting a consecutive close above these levels.
Bank Nifty also finally broke out above 17828 which it was unable to do so till now this month and made a new high for October at 17947 before closing the day at 17912 also indicating further upmove is possible in the days to come on getting a consecutive close above these levels.
For tomorrow Nifty spot has initial resistance at 8253 - 8284 levels , breaking and sustaining above it Nifty can test 8314 - 8329 levels . Similarly Nifty spot has initial support at 8223 - 8193 levels , breaking and sustaining below it Nifty can test 8163 - 8148 levels. Today Nifty gave us 50 points once our long call got triggered and Bank Nifty also completed all 3 targets on the long side and gave us nearly 215 points once our long call got triggered
Levels for tomorrow are
Long above 8251 for 8270 – 8290 – 8315
Short below 8225 for 8206 – 8186 – 8160
Bank Nifty Spot
Long above 17985 for 18040 – 18110 – 18180
Short below 17840 for 17785 – 17715 – 17645
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .