Wednesday, 25 November 2015

Outlook for 26th November

Nifty spot opened at 7837 made a high of 7870 and finally closed at 7831.60 after making a low of 7812.65 . Nifty has been trading in a very tight range which should be broken either tommorow on expiry day or on Friday.   We still maintain the view mentioned a few days ago that '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 7846 - 7857 ,sustaining above 7876 is required to test 7906 - 7920 levels . Similarly Nifty spot has support on the downside near 7817 - 7806 and breaking and sustaining below 7787 we can retest 7758 - 7743

Tommorow is November series expiry in F&O and in Nifty one expect expiry to be on the lower end near 7766 and the on upper end near 7900.

Bank Nifty spot also closed lower by nearly 70 points compared to the previous day.  Bank Nifty has been facing selling pressure everytime it has crossed 17100 of late . It looks like Bank Nifty might find it difficult to cross 17500 levels and only a strong move above it can take it any higher .

Tommorow is November series expiry in F&O and in Bank Nifty one expect expiry to be on the lower end near 16840 and on the upper end near 17135.

Levels for tomorrow are

Nifty Spot

Long above 7845 for 7853 - 7859 - 7870

Stay long above 7875 for 7880 - 7899 - 7920

Short below 7818 for 7810 - 7804 - 7793

Stay Short below 7788 for 7783 - 7764 - 7743

Bank Nifty Spot

Long above 17030 for 17055 – 17075 – 17110

Stay long above 17125 for 17140 - 17200 - 17265

Short below 16945 for 16920 – 16900 – 16870

Stay short below 16850 for 16835 - 16775 - 16710


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