Outlook for 28th December

NIFTY

Nifty spot open and high was at 7888.75  and went down till 7835.50 and closed at 7861.05. Nifty did not any opportunity to trade and finally closed just 5 points below the previous day. This is the second close above 7850 but we have still not been able to get a close above 7875 or break above 7893 . Nifty printed a new high for the month at opening and traded below it the whole day. We still maintain our previous view that 'As long as Nifty holds 7690 on closing bulls will try to fight back  . Bears will gain control on a close below 7647' . We are also entering into the last week of this year and also the expiry week for this month and some volatility cannot be ruled out . We may see Nifty above 7900 but will we sustain there or see fresh selling emerge we will need to watch.

For tomorrow Nifty spot has resistance on the upside near 7876 - 7887 , sustaining above 7906 is required to test 7935 - 7950 levels . Similarly Nifty spot has support on the downside near 7846 - 7835 , breaking and sustaining below 7816 we can test 7787 - 7773 levels.

Nifty Spot Levels for the day are

Long above 7883 for 7897 - 7912 - 7943

Short below 7839 for 7825 - 7810 - 7779

BANK NIFTY

Bank Nifty spot opened at 16926.95 made a high of 16939.60 and moved down till 16756.90 and closed at 16811 . Bank Nifty today gave a entry on the short side and only one target on the short side giving just nearly 70 points. Bank Nifty failed to take out the high of the previous day which was also the monthly high till now.

Bank Nifty Spot Levels for the day are

Long above 16860 for 16889 – 16923 – 17015

Short below 16762 for 16733 – 16699 – 16607

As of last weeks close the following is the expiry range : 

Nifty spot  7748 - 7974 

Bank Nifty spot 16569 - 17055 

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