Nifty spot opened gap up at 8333.65 and made a high of 8336.30 and finally closed at 8260.55 after making a low of 8252.05 . We were expecting Nifty to take resistance in the range of 8330 - 8360 today and Nifty reversed from 8336 . This week is also the expiry of October series and hence volatality can be expected. Today we saw a freak trade happen in Nifty futures at 8723 in the morning session. 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 above 18000 and made a high if 18029.05 and then corrected till 17798 and closed at 17815.05 . 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 .
Levels for tomorrow are
Long above 8270 for 8279 – 8293 – 8321
Short below 8251 for 8241 – 8227 – 8200
Bank Nifty Spot
Long above 17845 for 17880 – 17930 – 18023
Short below 17784 for 17751 – 17700 – 17605
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 .