Wednesday, 18 November 2015

Outlook for 18th November

Nifty spot opened at 7848.75 made a low of 7793 and finally closed at 7837.55 after making a high of 7860.45 .  A few days ago 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 again Nifty held 7793 below which our shorts would have been activated and rebounded from there and managed to give a close above 7830 thereby giving further hopes to bulls.

For tomorrow Nifty spot has resistance on the upside near 7864 - 7880 ,sustaining above 7882 is required to test 7911 - 7924 levels . Similarly breaking and sustaining below 7790 we can retest 7764 - 7750

Bank Nifty spot opened at 17302.50 which was also the high for the day and made a low of 17028.20 and closed at 17140.45 down by 45 points compared to the previous close . 

Levels for tomorrow are

Nifty Spot

Long above 7852 for 7866 - 7888 - 7930

Short below 7824 for 7808 - 7786 - 7745

Bank Nifty Spot

Long above 17174 for 17212 – 17267 – 17372

Short below 17106 for 17068 – 17010 – 16910

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