Nifty spot opened gap up today at 7924 which was our second target and gave a chance to enter long positions on the dip near 7874 and moved up from there to complete all our targets on the long side . Nifty also gave a positive closing at 7948.9 near the days high of 7957.70 .
Bank Nifty spot on the other hand after a gap up opening could not sustain itself and closed the day down 64 points from yesterday.
Tomorrow Nifty spot on breaking above todays high , we can expect a retest of 8055 which is the high of September month and also a crucial resistance level . One should be cautious with their long positions intraday in the range of 8023 - 8068 where selling pressure has been witnessed in the past . We are expecting the current upmove to get saturated near 8090 incase 8055 is crossed and sustained.
Levels for tomorrow are
Long above 7966 for 8015 – 8032 – 8049 , SL 7932
Short below 7932 for 7882 – 7866 – 7849 , SL 7966
Bank Nifty Spot
Long above 17314 for 17391 – 17489 – 17587 , SL 17118
Short below 17118 for 17042 – 16944 – 16846 , SL 17314
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Disclaimer : These are my personal views and trades taken on them should be done with a strict SL .