Thursday, 22 October 2015

Outlook for 23rd October

Nifty opened nearly flat at 8258 and then went on to make a high of 8294.40 just above the previous day high of 8294.05 and then dipped till 8217.15 below the previous day low of 8229.20 and closed the day 10 points below the previous day low at 8251.70 . Tomorrow is a weekly close and also a Gann date so one can expect it to break out of this range of 8215- 8295 in which it has traded in the last 3 days . Looking at the slow pace of fall in the past few days some strength is still left in this upmove and one test of 8310+ can be expected . It would be interesting to see the price action in the range of 8310 - 8330 .

Bank Nifty has been underperforming since the past few days thereby restricting the upmove in the Nifty to a certain extent and closed at a lower level for the week at 17710 and also below the crucial 17827 level which was being held so far this week on closing basis . Bank Nifty spot would need to sustain above 17827 tomorrow and break above 17981 for any big move on the Nifty and being unable to do so can show lower levels

Levels for tomorrow are

Nifty Spot

Long above 8295 for 8316 – 8342– 8362

Short below 8241 for 8216 – 8178 – 8165

Bank Nifty Spot

Long above 17770 for 17815 – 17870 – 17940

Short below 17650 for 17600 – 17550 – 17470

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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .

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