In our post for 09th October we had mentioned that 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. Nifty opened at 8186 and broke out of the resistance zone and made a high of 8232.2 and after seeing some profit booking settled to close at 8189.70 just above the opening price
Bank Nifty also moved slightly higher and closed at 17590 after making a high of 17749. It failed to take out the high made on 06th Oct of 17827 inspite of Nifty making a new high for the week .
After a positive week now it would be interesting to see if Nifty can sustain this upmove in the week to come . The week begins with Infosys quarterly results being declared which could set the tone for the day and week .
For tomorrow Nifty spot has initial resistance at 8205 - 8235 levels , breaking and sustaining above it Nifty can test 8265 - 8280 levels . Similarly Nifty spot has initial support at 8174 - 8144 levels , breaking and sustaining below it Nifty can test 8114 - 8099 levels. On Friday Nifty completed all targets on the long side and the Bank Nifty completed 2 targets on the long side .
Levels for tomorrow are
Long above 8205 for 8229 – 8253 – 8268 - 8284
Short below 8174 for 8150 – 8127 – 8111 - 8095
Bank Nifty Spot
Long above 17683 for 17756 – 17849 – 17942
Short below 17495 for 17425 – 17330 – 17240
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .