Monday, 23 November 2015

Outlook for 23rd November

Nifty spot opened at 7841.90 made a high of 7906.75 and finally closed at 7856.55 after making a low of 7817.80 .  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'. Nifty went below 7730 on 2 occasions last week but did not give a close below 7730 and reversed from those levels and has been slowly moving up .Today Nifty gave a good weekly close at 7856,  comfortably above 7850 and also held 7800 through the day.

Will Nifty be able to sustain the upmove this week will be interesting to watch . We also have a truncated expiry this week with a holiday on Wednesday , so one can expect some action in the second half tomorrow. Incase of any upmove stiff resistance can be expected in the range of 7940 - 7970 . Any close above 7966 spot can trigger further upmove till 8160

For tomorrow Nifty spot has resistance on the upside near 7871 - 7882 ,sustaining above 7901 is required to test 7931 - 7945 levels . Similarly Nifty spot has support on the downside near 7841 - 7831 and breaking and sustaining below 7810 we can retest 7783 - 7768

Bank Nifty spot was weak and closed lower by 15 points compared to the previous day . Bank nifty has been facing selling pressure near 17300 levels and breaking and sustaining above 17450 is required for further upmove  

Levels for tomorrow are

Nifty Spot

Long above 7873 for 7883 - 7892 - 7906

Stay long above 7912 for 7920 - 7944 - 7971

Short below 7840 for 7829 - 7820 - 7807

Stay Short below 7801 for 7794 - 7769 - 7743

Bank Nifty Spot

Long above 17098 for 17125 – 17146 – 17182

Stay long above 17198 for 17216 - 17279 - 17347

Short below 17010 for 16985 – 16965 – 16925

Stay short below 16914 for 16895 - 16832 - 16763


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