Wednesday, 28 October 2015

Outlook for 28th October

Nifty spot opened gap down at 8230.35 and made a high of 8241.95 ane finally closed at 8232.90 after making a low of 8217.05 .We were expecting Nifty to take resistance in the range of 8330 - 8360 and correct till 8222 - 8210 initially.  We have 2 days left in the October series expiry and hence volatality can be expected. Nifty is now close to its support  zone of 8222 - 8202 and a  closing below it is required to confirm further downmove now. Nifty expiry for October series is now looking in the range of 8132 - 8334 

Bank Nifty spot opened gap down at 17738 and made a high if 17855.35 and closed at 17806.30.  Bank Nifty spot is also very close to its support zone  of 17730 - 17700 and a consecutive close below it is required to confirm further downmove . Bank Nifty expiry for October series is now looking in the range of 17585 - 18025

Levels for tomorrow are

Nifty Spot

Long above 8242 for 8257  – 8267 – 8296

Short below 8223 for 8209 – 8198 - 8170

Bank Nifty Spot

Long above 17838 for 17885 – 17920 – 18014

Short below 17776 for 17727 – 17692 – 17599

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 .