Wishing everyone a Happy & Prosperous 2016
Nifty spot opened at 7897.80 and made a low at 7891.15 and then went up towards the end till 7955.55 and closed at 7946.35. Today Nifty gave a trade on the long side and did two targets on the long side . We had given a upper target of 7956 for expiry in our post yesterday and Nifty made a high at 7955.55 today .We have been mentioning since a couple of days 'We need to closely watch the price action at 7975 levels where some resistance can be expected' . We should see 7975 getting tested tomorrow mostly.
For tomorrow Nifty spot has resistance on the upside near 7961 - 7972 , sustaining above 7991 is required to test 8021 - 8036 levels . Similarly Nifty spot has support on the downside near 7932 - 7920 , breaking and sustaining below 7902 we can test 7872 - 7857 levels.
Nifty Spot Levels for the day are
Long above 7968 for 7981 - 7996 - 8026
Short below 7924 for 7912 - 7897 - 7867
Bank Nifty spot opened at 16916.05 and made a low at 16896.65 then made went up till 16972.25 and closed at 16922.20 . Bank Nifty today triggered a entry on the long side towards the end of session but did not sustain above it and has once again under performed against the Nifty . Today Bank Nifty was unable to even break above 17000 spot which it had been doing for the past 3 days . Tomorrow if Nifty stays above todays close then we can expect some catching up by bank nifty which can result in out performance.
Bank Nifty Spot Levels for the day are
Long above 16969 for 16998 – 17031 – 17098
Short below 16875 for 16846 – 16813 – 16747
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss