Wednesday, 23 September 2015

Nifty and Bank Nifty Outlook for 24th September

Yesterday we had mentioned that Nifty can test  7723 on downside and Nifty did exactly the same by opening at 7737 and making a low of 7723.35 . We had also mentioned that on the upside Nifty can test 7885 - 7900 and Nifty made a high of 7882.9 and gave a close at 7845.95.

Those who would have gone long at 7723 , would have  got nearly 150 points on the swing trade in Nifty today.
  
Tomorrow is the last day of this current series and should be a action packed day again.

As per today’s close if Nifty spot opens gap up, then it will face resistance near 7860 – 7890 initially and  breaking above that next resistance at 7920 - 7935 can get tested . Similarly if 
Nifty spot opens gap down then it will get support near 7832 – 7802 levels initially and breaking below that next support at 7773 - 7758 can get tested .

Reversal Point for Nifty Spot tomorrow is at 7891 & for Bank Nifty Spot at 17015 which should be watched by traders.  

VIX has closed back at  20.68 and PCR is at 1.05

Expiry Range tomorrow for Nifty is 7760 – 7930 

Levels for tomorrow are

Nifty Spot
Long above 7864 for 7917 – 7934 – 7952 , SL 7828
Short below 7828 for 7775 – 7757 – 7740 , SL 7864

Bank Nifty Spot
Long above 17360 for 17442 – 17547 – 17652 , SL 17150
Short below 17150 for 17069 – 16964 – 16859 , SL 17360

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