Friday, 16 October 2015

Outlook for 16th October

Today Nifty spot opened near 8134 above our buy level and also crossed and sustained above 8139 throughout the day and closed at 8179 near the high of the day . Now we need to see the close tomorrow to decide the direction  for next week . Tomorrow is a gann date as well as a weekly close and also a big result of Reliance is due tomorrow. It would be interesting to see how the market reacts once it near 8225 - 8245 resistance levels where selling have been witnessed in this series so far .

Bank Nifty spot has also been unable to go beyond 17828 in the last 8 trading days . Tomorrow price action near 17800 - 17832 on the Bank Nifty spot should be closely watched . Unable to break above it once again and we can see some intraday correction coming in.

For tomorrow Nifty spot has initial resistance at 8195 - 8225 levels , breaking and sustaining above it Nifty can test 8255 - 8270 levels . Similarly Nifty spot has initial support  at 8164 - 8134 levels , breaking and sustaining below it Nifty can test 8104 - 8089 levels. Today Nifty opened above our buying level by 15 points and completed all targets on the long side giving us 55 points . Bank Nifty also completed 2 targets on the long side and gave us nearly 150 points

Levels for tomorrow are

Nifty Spot

Long above 8195 for 8212 – 8231 – 8257

Short below 8164 for 8147 – 8128 – 8102

Bank Nifty Spot

Long above 17730 for 17805 – 17875 – 17945

Short below 17640 for 17565 – 17495 – 17430


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