Free daily trend analysis for Nifty & Bank Nifty spot with levels for intraday trading and stoploss levels in an easy to understand format.
Saturday, 26 September 2015
Outlook for 28th September
We were expecting Nifty to test 7832 - 7802 support initially , and Nifty made a low of 7804 and reversed from there to go higher and took resistance near our expected level of 7860 - 7890 by making a high 7894 before closing at 7868.
This is another lower monthly close if compared with the previous expiry indicating that bearishness is still there in the market.
Now everyone would be waiting to see what happens on Tuesday, 29th of September when RBI announces its monetary policy wherein a rate cut is expected by a majority. So the last one hour on Monday would be interesting as big players would take positions ahead of the event .
As per today’s close if Nifty spot opens gap up, then it will face resistance near 7883 – 7912 initially and breaking above that next resistance at 7942 - 7957 can get tested . Similarly if Nifty spot opens gap down then it will get support near 7853 – 7823 levels initially and breaking below that next support at 7794 - 7779 can get tested .
One should exercise caution once Nifty nears 8022 - 8046 as that is where the supply is coming and only 2 close above 8073 can open doors for higher levels
Levels for tomorrow are
Long above 7895 for 7937 – 7955 – 7972 , SL 7851
Short below 7851 for 7800 – 7781 – 7764 , SL 7885
Bank Nifty Spot
Long above 17300 for 17380 – 17482 – 17585 , SL 17094
Short below 17094 for 17014 – 16911 – 16809 , SL 17300
To view all our previous posts kindly go to https://simplytradestocks.wordpress.com
Disclaimer : These are my personal views and trades taken on them should be done with a strict SL