Nifty spot opened at 7938.45 and made a low at 7909.80 and then went up towards the end till 7972.55 and closed at 7963.20. Today Nifty gave a trade on the short side and did one target and then reversed to go and trigger a trade on the long side causing confusion .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 were expecting 7975 to get tested on Friday and we made a high of 7972.55. Now we need to see today whether we can get a follow up move this week above 7975 .
For tomorrow Nifty spot has resistance on the upside near 7978 - 7989 , sustaining above 8008 is required to test 8038 - 8053 levels . Similarly Nifty spot has support on the downside near 7948 - 7937 , breaking and sustaining below 7918 we can test 7889 - 7874 levels.
Nifty Spot Levels for the day are
Long above 7980 for 7991 - 8003 - 8036
Short below 7946 for 7935 - 7923 - 7891
Bank Nifty spot opened at 16932.50 and made a low at 16824.05 then made went up till 17067.45 and closed at 17039.25 . Bank Nifty today triggered a entry on the short side initially and did nearly 2 targets and then triggered a entry on the long side and did nearly 3 targets . Bank Nifty gave a closing above 17000 after 19 trading sessions and we need to see whether we get a follow up move from here . As mentioned in our previous post 'Tomorrow if Nifty stays above today's close then we can expect some catching up by bank nifty which can result in out performance.' and we saw Bank Nifty catching up a bit
Bank Nifty Spot Levels for the day are
Long above 17082 for 17108 – 17138 – 17219
Short below 16996 for 16971 – 16941 – 16860
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss