Thursday, 29 October 2015

Outlook for 29th October

Nifty spot opened gap down at 8188.90 and made a high of 8209.10 and finally closed at 8171.20 after making a low of 8131.80. Yesterday we had mentioned Nifty range for the last 2 days of expiry at 8132 - 8334 and today Nifty made a low at 8131.80 and took support    near the lower level. Tomorrow is the last day of October series and we have lot size revision in many scrips including the Nifty. We had mentioned in our weekly outlook for Nifty spot for this week posted 24th October , that one can take short positions in the range of 8330 - 8360 ,those who would have taken positions would have got 200 points this week till today in Nifty. Nifty expiry for October series is now looking in the range of 8098 - 8244

Bank Nifty spot opened gap down at 17589.35 and made a high of 17682.45 and closed at 17373.15 after making a low of  17281.40 . Today Bank Nifty spot has closed way below 17710 spot , one more close below this would put more pressure on the downside. We had mentioned in our weekly outlook for Bank Nifty spot for this week posted on 24th October that one can take short positions in the range 18055 -18130 , those who would have taken positions would have got 800 points this week till today in Bank Nifty spot

Levels for tomorrow are

Nifty Spot

Long above 8183 for 8195  – 8214 – 8250

Short below 8159 for 8146 – 8127 - 8092

Bank Nifty Spot

Long above 17420 for 17470 – 17545 – 17685

Short below 17325 for 17275 – 17202 – 17061

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 .