Wednesday, 7 October 2015

Outlook for 07th October

Today Nifty spot opened gap up near 8180 and traded below it the entire day and finally gave a close at 8152.90 after making a low of 8096.50 . As long as 8090 - 8080 is held Nifty can make another attempt to cross 8200 and test 8225 . 

Bank Nifty too opened gap up near 17822 and traded below it and finally gave a close of 17605 and after making a low of 17493 . Bank Nifty under performed today again by giving a negative close in comparison to Nifty. Bank Nifty will need to participate for Nifty to break and sustain above 8200.

Though the current trend is positive above 8085 spot , longs need to be cautious if Nifty nears 8210 - 8225 levels as overall trend is still negative and being unable to sustain above it one may see selling pressure.

Incase of a gap up opening Nifty spot has initial resistance at 8168 - 8198 , breaking and sustaining above it Nifty can test 8228 - 8243 levels . Similarly incase of a gap down Nifty spot has initial support  at 8138 - 8108 , breaking and sustaining below it Nifty can test 8078 - 8063 levels


Levels for tomorrow are

Nifty Spot

Long above 8169 for 8193 – 8217 – 8249 

Short below 8137 for 8112– 8089 – 8057 

Bank Nifty Spot

Long above 17705 for 17778– 17875 – 17975 

Short below 17505 for 17430 – 17335 – 17235 


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