Nifty spot opened at 8139.40 , made a low for the the day at 8123.15 , went up till 8213.20 before closing at 8206.60 . Had mentioned that long positions can be taken above 8124 and short positions can be taken below 8093 for the day . Nifty triggered our long trade and achieved all our targets and more giving close to 90 points . Had mentioned in the previous post that in the last two days Nifty had taken support above our last support zone of 8050 - 7982 for the second day in a row and also was trading in a range of 8050 - 8147 , breaking which was required for the next move . Had been mentioning for the past few days Nifty has good support in the zone of 8050 - 7982 and one should be cautious in adding shorts here . Fresh shorts can be looked at once we get a consecutive close below 7982 spot. For the past 2 session Nifty had tested our weekly levels to continue or stay short and took support and closed above 8100 . Now we are back at our resistance levels for the week.
For this week Nifty spot has resistance between 8194 - 8208 and above that near 8248 - 8258 levels and has support between 8147 - 8132 and below that near 8092 - 8082 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 8226 we can see a initial move upto 8238 - 8247 & on sustaining above 8252 we may see further upmove till 8290. Similarly if Nifty spot sustains below 8187 we may see a initial move on the downside upto 8175 - 8166 & on sustaining below 8161 we may see a further downmove till 8123 .
Nifty Spot Levels for the day are
Long above 8226 for 8238 - 8252 - 8290 , SL 8201
Short below 8187 for 8175 - 8161 - 8123 , SL 8213
Nifty has good resistance in the zone of 8270 - 8338 and one should be cautious in adding longs here . Fresh longs can be looked at once we get a consecutive close above 8338 spot .
Bank Nifty spot opened at 17746.05, made a low for the day at 17659.60 , then went up till 17943.65 before closing at 17917.90 . We had mentioned long positions can be taken above 17725 and short positions can be taken below 17620 for the day. Bank Nifty triggered our long trade and achieved all our targets and more giving close to 210 points .Had mentioned in the previous post that in the last 2 days Bank Nifty had taken support just above 17517 below which our further shorts get triggered for the week . Had been mentioning for the past few days that Bank Nifty has support between 17746 - 17694 and below that near 17553 - 17517 levels
For this week Bank Nifty spot has resistance between 17911 - 17963 and above that near 18105 - 18140 levels and has support between 17746 - 17694 and below that near 17553 - 17517 levels'. Today we tested our initial resistance levels on the Bank Nifty for this week and also closed within it . In the past 2 sessions we had tested our second support and reversed.
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 17976 we can see a initial move upto 18012 - 18037 & on sustaining above 18053 we may see further upmove till 18164. Similarly if Bank Nifty sustains below 17860 we may see a initial move on the downside upto 17824 - 17798 & on sustaining below 17783 we may see further downmove till 17672
Bank Nifty Spot Levels for the day are
Long above 17976 for 18012 – 18053 – 18164 , SL 17900
Short below 17860 for 17824 – 17783 – 17672 , SL 17936
Bank Nifty has good resistance in the zone of 18045 - 18140 and one should be cautious in adding longs here . Fresh longs can be looked at once we get a consecutive close below 18140.
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss