Nifty spot opened at 7699.60 made a high of 7703.05 and moved down till 7575.30 and closed at 7610.45 . Nifty was unable to sustain above our buying range for the day and moved down to achieve all targets on the short side . Nifty broke below 7591 which was our last target for the week too as per our weekly outlook till 11th December. We are now getting closer to the low of this year of 7539.40 and it would be interesting to see if we break below it this week .For this week 7662 and 7728 are important resistance zones and 7560 and 7493 are important support zones for Nifty spot. Bulls would gain some momentum only on sustaining or closing above 7766 this month .
For tomorrow Nifty spot has resistance on the upside near 7625 - 7636 ,sustaining above 7654 is required to test 7683 - 7698 levels . Similarly Nifty spot has support on the downside near 7596 - 7585 , breaking and sustaining below 7567 we can test 7538 - 7523
Nifty Spot Levels for the day are
Long above 7630 for 7648 - 7666 - 7691
Short below 7591 for 7573 - 7551 - 7530
Bank Nifty spot opened at 16751.35 made a high of 16758.70 and it corrected till 16260.10 and closed at 16342.50 . Had mentioned in yesterdays post 'Tomorrow 16580 spot will be a important level to watch as sustaining below it we can slide further to test the next targets as posted in the Weekly Outlook for 07th to 11th December' . Today Bank Nifty broke 16580 and completed nearly all targets on the short side as per the weekly outlook.
Bank Nifty Spot levels for intraday are
Long above 16390 for 16428 – 16452 – 16540
Short below 16295 for 16257 – 16233 – 16144
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss