Tuesday, 17 November 2015

Outlook for 17th November

Nifty spot opened at 7732.95 , made a low of 7714.15 and finally closed at 7806.60 after making a high of 7838.85 . Nifty managed to trade in the green after the initial 2 hours of trade and closed higher by nearly 45 points . Yesterday we had mentioned that 'If Nifty gives 2 consecutive close below 7730 then it can cause further correction till 7660 - 7540 in the days to come'. Today Nifty rebounded from the day low and managed to give a close above 7800 thereby giving small hopes to bulls.

For tomorrow Nifty spot has resistance on the upside near 7832 - 7850 ,sustaining above 7851 is required to test 7880 - 7890 levels . Similarly breaking and sustaining below 7760 we can retest 7733 - 7718

Bank Nifty spot opened at 16891.30 and made a low of 16887.80 and moved up gradually to make a high of 17229.25 and closed at 17184.90 . Today again Bank Nifty was stronger than Nifty and lead the recovery from the days low 

Levels for tomorrow are

Nifty Spot

Long above 7820 for 7840 - 7852 - 7885

Short below 7793 for 7772 - 7757 - 7717

Bank Nifty Spot

Long above 17220 for 17260 – 17310 – 17415

Short below 17150 for 17105 – 17055 – 16950

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

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