Nifty spot opened at 7953.65, made a high at 7978.45. , then went down till 7884.10 before closing flat at 7912.05 . We had mentioned that long positions can be taken above 7948 and short positions can be taken below 7881 for the day .Today Nifty triggered a trade on the long side and completed 1 target on the long side giving around 20 points . Nifty took support intraday just above our levels to go short. Yesterdays move in Nifty had indicated indecisiveness and today it has not shown any clear direction either . Those who are holding longs should keep 7772 spot closing as stoploss for their positions . We now need Nifty spot to break and sustain above 7993 spot to test 8035-8055 , which should happen tomorrow else we may see a slight reversal . Those who are looking at shorting should keep 8032 spot close as their stoploss.
For today Nifty spot has resistance on the upside near 7927 - 7938 , sustaining above 7957 is required to test 7986 - 8001 levels . Similarly Nifty spot has support on the downside near 7897 - 7886 , breaking and sustaining below 7868 we can test 7838 - 7823 levels.
Nifty Spot Levels for the day are
Long above 7936 for 7951 - 7968 - 8013
Short below 7888 for 7873 - 7857 - 7811
BANK NIFTY
Bank Nifty spot opened at 16526.55 which was also its low of the day and went up till 16769.55 before closing at 16637.15. We had mentioned long positions can be taken above 16442 and short positions can be taken below 16257 for the day. Bank Nifty triggered a long trade and completed all targets on the long side giving around 200 points . Today Bank Nifty totally outperformed Nifty. There was some catching up due in Bank Nifty on our monthly moves for Bank Nifty to get in sync with Nifty which has been done today . Those who are holding longs should keep 16035 spot closing as stoploss for their positions . We now need Bank Nifty spot to break and sustain above 16845 spot to test 17050 - 17150 , which should happen tomorrow else we may see a slight reversal . Those who are looking at shorting should keep 16940 spot close as their stoploss.
Bank Nifty Spot Levels for the day are
Long above 16702 for 16743 – 16789 – 16913
Short below 16572 for 16532 – 16486 – 16360
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss
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