Nifty spot opened at 7029.85 , made a high at 7034.20 , it went down till 6961.45 towards the end before closing at 6970.60 . Today Nifty gave a trade on the short side and completed only 1 target on the short side . Those who would have taken the trade would have got 20 points . As mentioned this week in our previous posts 'We still have to trade and sustain above 7241 - 7257 spot levels for raising hopes of testing 7300 and above . Similarly breaking and sustaining below 7123 we may head lower till next support levels of 6855 - 6760' . Today we saw that Nifty was unable to test 7050 too . We can expect the next 2 trading sessions to be volatile ones with the Union Budget coming up.
For today Nifty spot has resistance on the upside near 6985 - 6995 , sustaining above 7012 is required to test 7040 - 7055 levels . Similarly Nifty spot has support on the downside near 6957 - 6946, breaking and sustaining below 6929 we can test 6901 - 6887 levels.
Nifty Spot Levels for the day are
Long above 7007 for 7029 - 7055 - 7106
Short below 6934 for 6912 - 6886 - 6835
Bank Nifty spot opened at 13844.45 which was also the high for the day , then went down till 13519.90 before closing at 13555.70 .Today Bank Nifty gave a trade on the short side and completed more than 2 targets on the short side . Those who would have taken the trade would have got nearly 170 points .. As we have been mentioning in our posts 'Now the next support comes near 13780 - 13550 which should be watched closely. We need to see 14440 getting reclaimed for building hopes of any short term revival '. We had mentioned in our previous post 'Tomorrow we may see testing of our supports if we sustain below today's low' . Today we saw our lower levels getting tested and Bank Nifty also closed at 13555.70 . We can expect the next 2 trading sessions to be volatile ones with the Union Budget coming up.
Bank Nifty Spot Levels for the day are
Long above 13647 for 13704 – 13769 – 13898
Short below 13464 for 13407 – 13343 – 13213
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss