Nifty spot closed almost flat with a 2 point gain after opening gap up and crossing 8000 for the 3rd time since 01st September but could not sustain above it . Nifty made a low of 7930.65 just below our Shorting level of 7932 but did not sustain there either . So overall we did not get any good trading opportunities.
Bank Nifty has been underperforming since the last couple of days and is moving in a range of 350 points between 17100 - 17450, breaking on either side should be watched for a move in Nifty too.
On the global front US markets closed in good green after recovering smartly from the days low . China market is also closed till 7th Oct . So it would be interesting to see how we open tomorrow.
Tomorrow Nifty spot on breaking above today's high , we can expect a retest of 8055 which is the high of September month and also a crucial resistance level . One should be cautious with their long positions intraday in the range of 8023 - 8068 where selling pressure has been witnessed in the past . We are expecting the current upmove to get saturated near 8090 incase 8055 is crossed and sustained.
As long as Nifty is trading above 7862 there is a chance to testing last months highs before a correction. Breaking below 7820 one can expect a retest of 7775 - 7747 where initial support can come in .
Levels for tomorrow are
Long above 7967 for 8015 – 8030 – 8045 , SL 7930
Short below 7930 for 7887 – 7871 – 7855 , SL 7967
Bank Nifty Spot
Long above 17246 for 17320 – 17416 – 17511 , SL 17055
Short below 17055 for 16980 – 16885 – 16789 , SL 17246
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 Stop loss .