Monday, 30 November 2015

Outlook for 01st December

Nifty spot opened at 7936.25 made a low of 7922.80 and finally closed at 7935.20 after making a high of 7966 . As we had mentioned in our previous post that ' Nifty is now at a crucial zone and a consecutive closing above 7966 is required to open doors upto 8050 - 8160 in the coming week'. Nifty reversed exactly from 7966 today and it would interesting to see whether it breaks and sustains above it tomorrow .Nifty should not break below 7845 as it would open doors again for 7720 and below

For tomorrow Nifty spot has resistance on the upside near 7953 - 7966 ,sustaining above 7980 is required to test 8010 - 8025 levels . Similarly Nifty spot has support on the downside near 7920 - 7910 and breaking and sustaining below 7890 we can retest 7861 - 7846

Bank Nifty spot closed at 17430.40,  higher by nearly 60 points compared to the previous day . Bank Nifty finally crosses 17449 and made a new high for November at 17498.35 and also gave a close above 17400 . In our previous post had mentioned that "If it manages to cross it and sustain above 17500 then good amount of short covering can be witnessed and it can move to 18000 levels"  and today it was missed by 2 points . It would be interesting to see whether 17500 gets broken and sustained tomorrow.

Levels for tomorrow are

Nifty Spot

Long above 7948 for 7955 - 7961 - 7972

Stay long above 7977 for 7981 - 7999 - 8019

Short below 7922 for 7915 - 7909 - 7898

Stay Short below 7894 for 7889 - 7871 - 7851

Bank Nifty Spot

Long above 17474 for 17501 – 17525 – 17560

Stay long above 17576 for 17595 - 17660 - 17730

Short below 17385 for 17360 – 17335 – 17300

Stay short below 17285 for 17265- 17200 - 17130


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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss