NIFTY
Nifty spot opened at 7484.85, made a high at 7543.95 , went down till 7460.60 before closing at 7510.20 . Nifty today triggered a long call and completed just 1 target on the long side giving 21 points As mentioned previously ' Nifty may face resistance near 7558 - 7590 above 7530' . Today again Nifty reversed from near 7543.95 but managed to give a close above 7500 . Currently Nifty has its 50 DEMA at 7405 and is also trading above its support of 7396 - 7360 zone. Breaking below these levels we can test the next support levels at 7252 - 7242 . Those who are positionally long should watch breaking and sustaining below 7417 - 7396 spot zone to exit .
For today Nifty spot has resistance on the upside near 7525 - 7536 , sustaining above 7554 is required to test 7583 - 7597 levels . Similarly Nifty spot has support on the downside near 7496 - 7485, breaking and sustaining below 7467 we can test 7438 - 7424 levels.
Nifty Spot Levels for the day are
Long above 7545 for 7567 - 7592 - 7641
Short below 7475 for 7453 - 7429 - 7379
BANK NIFTY
Bank Nifty spot opened at 15133.75 ,made a high of 15343.55 ,then went down till 15024.80 before closing at 15168.20.Today Bank gave a short trade and competed just one target giving around 50 points only and also gave a long trade and completed just one target giving 60 points.We have been witnessing a lot of indecisiveness this week and trailing stop losses being taken because of it . Bank Nifty has traded in a tight range of 14989 - 15452 this week and did not even test 15452 which was the high of the previous week inspite of Nifty making a new high this week .Bank Nifty has been breaking its 50 DEMA daily in the last 4 trading days and has been managing to close just above it daily . Bank Nifty has support in the range of 14758 - 14647. Now for longs Nifty spot should not break and sustain below 14900 spot . We would need a valid breakout of 14900 - 15452 range to see a good move on either side now .
Bank Nifty Spot Levels for the day are
Long above 15269 for 15332 – 15404 – 15546
Short below 15067 for 15004 – 14933 – 14790
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss
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