Nifty spot opened at 7908.15, made a low at 7842.75 , then went up till 7920.60 before closing at 7914.70 . We had mentioned that long positions can be taken above 7884 and short positions can be taken below 7817 for the day .Today Nifty triggered a trade on the long side and completed nearly 2 targets on the long side and those who would have taken the trade would have gained around 35 points . Today was a turn date on Nifty and we expecting a reversal intraday which came from the low of the day .As mentioned previously now those who are holding longs should keep 7763 spot closing as stoploss for their positions . 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 7930 - 7941 , sustaining above 7959 is required to test 7989 - 8004 levels . Similarly Nifty spot has support on the downside near 7900 - 7889 , breaking and sustaining below 7870 we can test 7841 - 7826 levels.
Nifty Spot Levels for the day are
Long above 7948 for 7969 - 7993 - 8057
Short below 7881 for 7860 - 7837 - 7773
Bank Nifty spot opened at 16328.70 ,made a low of 16011.90 , went up till 16330.55 before closing at 16222.70. We had mentioned long positions can be taken above 16369 and short positions can be taken below 16188 for the day. Bank Nifty triggered a short trade and completed 2 targets on the short side giving nearly 150+ points . 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." As mentioned in our previous post now those who are holding longs should keep 16035 spot closing as stop loss for their positions. 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 16313 for 16369 – 16434 – 16607
Short below 16132 for 16076 – 16012 – 15839
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss