Nifty spot opened at 7264.30 and made a high at 7271.85 , then went down till 7177.75 before closing at 7215.70 . Today Nifty gave a good chance to short and completed all our targets on the short side .Those who would have taken the trade would have got nearly 90 points . As mentioned in our previous post 'IF we see a break of 7241 then we can expect some support near 7173 - 7123' and today we made a low at 7177.75. Tomorrow if we gap down again then one can try taking a long position with closing basis stoploss at 7123 as we might get some support there .
For today Nifty spot has resistance on the upside near 7230 - 7241 , sustaining above 7258 is required to test 7287 - 7301 levels . Similarly Nifty spot has support on the downside near 7202 - 7191, breaking and sustaining below 7173 we can test 7145 - 7131 levels.
Nifty Spot Levels for the day are
Long above 7249 for 7269 - 7292 - 7339
Short below 7183 for 7162 - 7139 - 7092
Bank Nifty spot opened at 14740.20 and made a high at 14779.15 then went down till 14490.20 before closing at 14588.45. Today Bank Nifty opened below its support of 14750 and also our selling level . Those who would have taken a trade near the day high would have got nearly 160 points as Bank Nifty completed all the targets on the short side . As mentioned in our previous post 'IF we see a break of 14750 today then we can expect some support near 14562 - 14440' and today we made a low at 14490.20. Tomorrow one should watch the price action near 14440 - 14425 for support and signs of reversal .
Bank Nifty Spot Levels for the day are
Long above 14658 for 14702 – 14751 – 14850
Short below 14518 for 14475 – 14426 – 14327
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss