Nifty spot opened at 7467.40 and then went down till 7443.80 and closed at 7536.80 after making a high of 7604.80 . Nifty spot opened with a big gap down and did not give traders to trade on the short side today as per the levels given. Nifty gave a good recovery again today from the lows . Yesterday we had mentioned ' We have a long view now with a cbsl of 7420 spot initiated today ' . We had also mentioned in our previous posts One should look at closing short positions today if Nifty spot nears 7477 - 7442 spot' .Those who would gone long today near the low of 7443.80 with the mentioned stoploss would have gained nearly 150 points .
Today Nifty spot has resistance on the upside near 7551 - 7562 , sustaining above 7580 is required to test 7609 - 7624 levels . Similarly Nifty spot has support on the downside near 7522 - 7511, breaking and sustaining below 7493 we can test 7465 - 7450 levels.
Nifty Spot Levels for the day are
Long above 7564 for 7582 - 7601 - 7640
Short below 7509 for 7492 - 7472 - 7433
Bank Nifty spot opened at 15612.50 and then went down till 15453.40 and then recovered and went up till 15803.20 and closed at 15609.80 . Yesterday we were expecting a dip till 15400 which nearly came today . Once again we have Bank Nifty closing below 15800 today . Bank Nifty has been again under performing compared to the Nifty and we may see some catching up soon . As we have been mentioning in our previous post 'Overall we are having weak global sentiments hence a big move on the upside would have to be backed by some really strong positive news flow '.
Bank Nifty Spot Levels for the day are
Long above 15675 for 15720 – 15765 – 15860
Short below 15545 for 15505 – 15455 – 15360
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss