Nifty spot opened at 7777.15, made a low at 7772.20 , then went up till 7864.80 before closing at 7850.45 . We had mentioned that long positions can be taken above 7737 and short positions can be taken below 7681 for the day .Today Nifty triggered a trade on the long side and completed all out targets on the long side and those who would have taken the trade at opening would have gained around 80 points . Today Nifty played out the gann date as expected and once it broke above 7777 it did not test it even once intraday . Now those who are holding longs should keep 7763 spot closing as stoploss for their positions now. We have a gann turn date on 17th now (+/- 1 day ) and since it is a trading holiday we can expect it to play out on Monday . We are expecting some resistance near 7883 - 7938 spot and one should watch the levels closely for any signs of reversal .
For today Nifty spot has resistance on the upside near 7865 - 7876 , sustaining above 7895 is required to test 7924 - 7939 levels . Similarly Nifty spot has support on the downside near 7836 - 7825 , breaking and sustaining below 7806 we can test 7777 - 7762 levels.
Nifty Spot Levels for the day are
Long above 7884 for 7904 - 7928 - 7975
Short below 7817 for 7797 - 7773 - 7726
Bank Nifty spot opened at 16087.95 ,made a low of 16080.55 , went up till 16349.70 before closing at 16278.55. We had mentioned long positions can be taken above 15953 and short positions can be taken below 15808 for the day. Bank Nifty triggered a long trade and completed all our targets on the long side giving nearly 250+ points if traded with TSL . We had mentioned in our previous post "We are expecting additional resistance near 16157 spot and sustaining above it should be watched for further gains." and Bank Nifty gave a spike of nearly 200 points once it sustained above 16157 spot. Now those who are holding longs should keep 16035 spot closing as stop loss for their positions. We have a gann turn date on 17th (+/- 1 day ) and since it is a trading holiday we can expect it to play out on Monday . We are expecting some resistance near 16427 - 16576 spot and one should watch these levels closely for any signs of reversal.
Bank Nifty Spot Levels for the day are
Long above 16369 for 16425 – 16489 – 16662
Short below 16188 for 16132 – 16068 – 15895
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss