Tuesday, 10 November 2015

Outlook for 10th November

Friday Nifty spot breaking 7940 was an indication that we might go down . Election results declared on Sunday caused the gap down opening of nearly 165 points . Nifty made a low of 7771.70 and recovered through the day to close just 39 points negative after making a high of 7937.75 . For any bounce back toward 8100 levels todays low has to be held , breaking which we can may a new low for the year.

Nifty spot has resistance on the upside near 7988 - 8008 , consecutive closing above these levels is required to test 8078 - 8098 levels . Similarly breaking and closing below 7740 we can retest 7667 - 7540 .

Bank Nifty spot opened at 16621 and made a low of 16587.25 and moved up gradually to make a high of 17068.2 and closed at 17003 .Bank Nifty as mentioned in the previous posts is having good resistance near 17500  zone and bulls will need to give consecutive close above it for any further upmove.

Levels for tomorrow are

Nifty Spot

Long above 7926 for 7942 - 7959 - 7980

Short below 7904 for 7888 - 7872 - 7850

Bank Nifty Spot

Long above 17064 for 17115 – 17170 – 17245

Short below 16940 for 16890 – 16830 – 16760

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