Tuesday, 20 October 2015

Outlook for 21st October

Nifty opened mild gap up as expected but could not sustain after making a high of 8294 for which it took a lot of time intraday and finally drifted down to make a low at 8229.20 before closing at 8261.65 . It is more of a neutral close but still a close below the weekly buy level of 8266 . Tomorrow we have a few results from scrips which are part of the index so one can expect a few swings intraday. In our post yesterday we had written If Nifty spot takes resistance near 8330 levels tomorrow then we may see a retest of 8210 - 8155 , which we are still expecting .

Bank Nifty opened mildly down and went up to make a high of 17940 and then drifted down to once again break the support at 17827 and closed just mildly above it at 17830.25 . This week so far Bank Nifty has been unable to break above our weekly buying level of 17981 even intraday thereby indicating some weakness in the upmove . As mentioned yesterday also breaking and closing below 17827 spot  we would see lower levels in the Bank Nifty
 

Levels for tomorrow are

Nifty Spot

Long above 8276 for 8290 – 8305 – 8327

Short below 8247 for 8234 – 8218 – 8196

Bank Nifty Spot

Long above 17865 for 17935 – 17990 – 18050

Short below 17795 for 17725 – 17670 – 17610


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