Nifty spot opened at 7420.35 and made a high at 7463.65 and then went down till 7336.40 before closing at 7351. We had mentioned in our previous post that since Nifty had closed below 7442 , which triggers our next level to go short we were expecting 7420 to be broken. Today Nifty tested our long trade and immediately dipped below it and then triggered our short trade and completed all targets giving nearly 65 points . Today we also closed below our weekly level to go short and completed nearly all 3 initial targets . Tomorrow if we close below 7291 then we will target the next levels mentioned on the short side for this week. If we manage to hold it on closing then we may see some small bounce.
Today Nifty spot has resistance on the upside near 7365 - 7376 , sustaining above 7394 is required to test 7423 - 7437 levels . Similarly Nifty spot has support on the downside near 7337 - 7326, breaking and sustaining below 7308 we can test 7280 - 7266 levels.
Nifty Spot Levels for the day are
Long above 7375 for 7389 - 7406 - 7440
Short below 7327 for 7313 - 7296 - 7262
Bank Nifty spot opened at 15165.20 and made a high at 15270.40 and then went down till 14956.95 before closing at 15020.80. Yesterday we had mentioned ' Bank Nifty has a small support at 14825 below 15000 now and if that is broken and sustained we could see further correction till 14350'. Today Bank Nifty did not fall as much as the previous days in comparison to the Nifty. Today we saw our short trade trigger and complete nearly all targets giving nearly 170 points .Today's fall in Nifty was also due to Reliance (RIL) correcting nearly 5% .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 15084 for 15123 – 15167 – 15256
Short below 14957 for 14919 – 14875 – 14786
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss