Sunday, 15 November 2015

Outlook for 16th November

Friday Nifty spot opened at 7762.45 and closed at 7762.25 after making a low of 7730.90 and a high of 7775.10 . Nifty traded in the narrow range throughout the day. If Nifty gives 2 consecutive close below 7730 then it can cause further correction till 7660 - 7540 in the days to come.

For tomorrow Nifty spot has resistance on the upside near 7787 - 7807 ,sustaining above 7807 is required to test 7835 - 7850 levels . Similarly breaking and sustaining below 7718 we can retest 7689 - 7674 .

Bank Nifty spot opened at 16829.30 and made a low of 16741.80 and moved up gradually to make a high of 16962.55 and closed at 16932.85 . Bank Nifty outperformed the Nifty and traded stronger.

Lot of negative news coming from around the world regarding terrorist attacks . Our prayers for all the families who have suffered because of it .

Levels for tomorrow are

Nifty Spot

Long above 7774 for 7797 - 7814 - 7835

Short below 7750 for 7727 - 7710 - 7690

Bank Nifty Spot

Long above 16960 for 17010 – 17065 – 17110

Short below 16900 for 16860 – 16800 – 16760

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