Nifty spot opened at 8273.50 , which was also the high for the the day , went down till 8184.60 before closing at 8203.60 . Had mentioned that long positions can be taken above 8286 and short positions can be taken below 8260 for the day . Nifty triggered our short trade and completed all targets giving around 60 points with TSL .Had mentioned previously that Nifty spot has resistance for this week between 8262 - 8288 initially and it appears Nifty has taken resistance for now at 8288.90 and that should be the SL for shorts for this week .
As mentioned previously 'For this week Nifty spot has resistance between 8262 - 8288 and above that near 8329 - 8359 levels and has support between 8179 - 8154 and below that near 8112 - 8083 levels'.
Trend reversal in Nifty for this series would be consecutive closing below 7982 and trend continuation would be on consecutive close above 8338 spot .
For today if Nifty spot sustains above 8212 - 8218 we can see a initial move upto 8226 - 8232 & on sustaining above 8236 we may see further upmove till 8263. Similarly if Nifty spot sustains below 8195 - 8190 we may see a initial move on the downside upto 8181 - 8175 & on sustaining below 8171 we may see a further downmove till 8145.
Nifty Spot Levels for the day are
Long above 8218 for 8226 - 8236 - 8263 , SL 8208
Short below 8190 for 8181 - 8171 - 8145 , SL 8199
Nifty has good resistance in the zone of 8329 - 8359 and one should be cautious in adding longs here .
Bank Nifty spot opened at 17955.80, made a high for the day at 17986.15 , went down till 17801.55 before closing at 17887.70 . We had mentioned long positions can be taken above 17996 and short positions can be taken below 17898 for the day. Bank Nifty triggered our short trade initially and took our SL and then again triggered our short trade and completed 2 targets giving a net of around 60 points including the initial SL . Bank has been moving indifferently to the Nifty since the introduction of weekly options.
As mentioned previously 'For this week Bank Nifty spot has resistance between 17809 - 17889 and above that near 18018 - 18109 levels and has support between 17552 - 17472 and below that near 17344 - 17252 levels'.
Trend reversal in Bank Nifty for this series would be consecutive closing below 17152 and trend continuation would be on consecutive close above 18089 spot .
For today if Bank Nifty spot sustains above 17918 - 17937 we can see a initial move upto 17968 - 17989 & on sustaining above 18003 we may see further upmove till 18097. Similarly if Bank Nifty sustains below 17857 - 17838 we may see a initial move on the downside upto 17808 - 17786 & on sustaining below 17773 we may see further downmove till 17678.
Bank Nifty Spot Levels for the day are
Long above 17937 for 17968 – 18003 – 18097 , SL 17903
Short below 17838 for 17808 – 17773 – 17678 , SL 17872
Bank Nifty has good resistance in the zone of 18018 - 18109 and one should be cautious in adding longs here .
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss