Nifty spot opened gap up above 8300 at 8308 and made a high of 8328.1 and finally closed at 8295.45 above 8290 after a gap of 40 trading days . We had mentioned in our post for 23rd that it would be interesting to see the price action in the range of 8310 - 8330 . Now on Monday we can expect Nifty to again take resistance in the zone of 8330 - 8360 and one should wait for a close above 8380 spot to stay long. This week is also the expiry of October series and hence volatality can be expected. As per Fridays close we can expect the expiry range to be between 8155 - 8435 spot. Nifty is close to its major resistance level of 8380 and a few closing above it is required to confirm further upmove now.
Bank Nifty spot opened gap up too at 17859 and made a high if 17980.50 before finally closing at 17934.05 . Bank Nifty spot is also very close to its major resistance level of 18340 and one should look at holding longs only if we get a couple of closings above it to expect any further upmove above these level . In our previous post we had posted that we would need a break above 17981 spot and Bank Nifty made a high of 17980.50 .
Levels for tomorrow are
Long above 8306 for 8322 – 8338 – 8359
Short below 8285 for 8269 – 8253 – 8232
Bank Nifty Spot
Long above 17992 for 18036 – 18095 – 18151
Short below 17875 for 17830 – 17775 – 17710
P.S. : I might not be able to post regularly for a few days as I am travelling and might not get internet connectivity at times . Will keep updating whenever in good network.
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss .