Wednesday, 23 September 2015

Nifty and Bank Nifty Outlook for 23rd September

We have been mentioning since we made 8055 that 'One test of 7790 -7770  can come as we have mentioned in our previous post too as markets never go up in a straight line'

Today we got that fall after Nifty opened gap up by 25 points . Had mentioned yesterday just 3 days left for this expiry and we can expect wild swings on both sides in the coming days and today we saw a big move on the downside.

Nifty spot today made a low of 7787.75 and also broke and closed below its reversal point of 7821 mentioned yesterday ,so some more correction can be expected tomorrow till 7723 .

As per today’s close if Nifty spot opens gap up then it will face resistance near 7826 – 7856 initially and  breaking above that next resistance at 7885 - 7900 can get tested . Similarly if 
Nifty spot opens gap down then it will get support near 7797 – 7767 levels initially and breaking below that next support at 7738 - 7723 can get tested .

Now we would need Nifty to give a close above 7885 to resume the upmove .

Reversal Point for Nifty Spot tomorrow is at 7884 & for Bank Nifty Spot at 16947 which should be watched by traders.  

VIX recovered strongly and closed back at  20.34 and PCR at 1.03

Expiry Range for Nifty after Mondays close is 7700 – 7930

Levels for tomorrow are

Nifty Spot
Long above 7830 for 7883 – 7901 – 7918 , SL 7794
Short below 7794 for 7741 – 7723 – 7706 , SL 7830

Bank Nifty Spot
Long above 17136 for 17216 – 17321 – 17425 , SL 16927
Short below 16927 for 16846 – 16742 – 16638 , SL 17136

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Disclaimer : These are my personal views and trades taken on them should be done with a strict SL