Nifty spot opened at 7429.55 , made a low at 7406.05 , then went up till 7483.95 before closing at 7475.60 . Today Nifty gave a trade on the long side and did more than 2 targets giving nearly 60 points . We had mentioned that 'Now we are approaching the resistance zone of 7252 - 7262 and one should watch for a valid breakout above 7286 range to confirm further upmove ' . Today Nifty traded comfortably above its 50 DEMA which is now at 7384 and broke its next resistance which was at 7396. Those who are positionally long should keep stop loss at 7396 spot .
For today Nifty spot has resistance on the upside near 7490 - 7501 , sustaining above 7519 is required to test 7548 - 7562 levels . Similarly Nifty spot has support on the downside near 7461 - 7450, breaking and sustaining below 7432 we can test 7404 - 7389 levels.
Nifty Spot Levels for the day are
Long above 7520 for 7548 - 7579 - 7642
Short below 7431 for 7403 - 7372 - 7309
Bank Nifty spot opened at 15150.05 , made a low of 15000.05 , then moved up till 15206.25 before closing at 15177.75 .Today Bank Nifty did not give a trade on any side .and we saw Bank Nifty under performing Nifty to a great extent. Bank Nifty has managed to close above its resistance of 14758 for the second day in a row now .Bank Nifty managed to close above its 50 DEMA which is now at 15126 and it would be interesting to see if it holds it tomorrow.
Bank Nifty Spot Levels for the day are
Long above 15308 for 15389 – 15481 – 15665
Short below 15047 for 14967 – 14874 – 14690
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss