We have been mentioning in our previous 2 posts that Nifty spot has resistance at 8168 - 8198 zone and today once again Nifty was unable to cross this zone and after making a high of 8196.75 today at opening Nifty traded lower throughout the day. We still are of the same opinion as said in the last 2 days that as long as 8090 is held Nifty can make another attempt to cross 8200 and test 8225.
Bank Nifty after under performing for the last couple of days today moved lower with Nifty in sync and it needs to be seen how it plays out tomorrow too . Breaking and sustaining below 17320 spot will increase pressure on the short side.
Though the current trend in Nifty spot is positive above 8085 for this week , tomorrow being the last day of this week Nifty might test 8085 levels tomorrow . Positional longs now need watch the price action in the zone of 8095 - 8078 spot as breaking and sustaining below it Nifty can correct further.
For tomorrow Nifty spot has initial resistance at 8144 - 8174 levels , breaking and sustaining above it Nifty can test 8205 - 8220 levels . Similarly Nifty spot has initial support at 8114 - 8084 levels , breaking and sustaining below it Nifty can test 8054 - 8039 levels. Today Nifty completed 2 targets on the short side and gave nearly 50 points after short call got triggered and the Bank Nifty gave nearly than 175 points once the short call got triggered .
Levels for tomorrow are
Long above 8145 for 8168 – 8192 – 8207 - 8223
Short below 8114 for 8090 – 8067 – 8051 - 8036
Bank Nifty Spot
Long above 17570 for 17640 – 17735 – 17825
Short below 17380 for 17310 – 17215 – 17125
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 .