Nifty spot opened at 7894.80, made a high at 7911 , then went down till 7827 before closing at 7855.05 . We had mentioned that long positions can be taken above 7924 and short positions can be taken below 7875 for the day .Today Nifty triggered a trade on the short side and completed more than 2 targets on the short side giving around 45 points . Nifty has been consolidating between 7772 - 7978 for the past 6 trading sessions and breaking and sustaining beyond this range should be watched for the next decisive move. Those who are holding longs should keep 7834 spot closing as stoploss for their positions . Those who are holding shorts should keep 7964 spot close as their stoploss.
For today Nifty spot has resistance on the upside near 7870 - 7881 , sustaining above 7899 is required to test 7929 - 7944 levels . Similarly Nifty spot has support on the downside near 7840 - 7829 , breaking and sustaining below 7811 we can test 7781 - 7767 levels.
Nifty Spot Levels for the day are
Long above 7878 for 7892 - 7908 - 7951
Short below 7832 for 7818 - 7802 - 7759
Bank Nifty spot opened at 16746.95, made a high of 16767.90 and went down till 16605 before closing at 16678.65 . We had mentioned long positions can be taken above 16765 and short positions can be taken below 16642 for the day. Bank Nifty triggered a long trade momentarily but immediately reveresed and then triggered our short trade and completed just 1 target on the short side. Bank Nifty has been consolidating between 16012 - 16770 for the past 6 trading sessions and breaking and sustaining beyong this range should be watched for the next decisive move .Those who are holding longs should keep 16540 spot closing as stoploss for their positions . Those who are holding shorts should keep 16867 spot close as their stoploss.
Bank Nifty Spot Levels for the day are
Long above 16736 for 16771 – 16811 – 16920
Short below 16622 for 16587 – 16546 – 16438
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss