Monday, 30 November 2015

Outlook for 30th November

Nifty spot opened at 7910.6 made a low of 7879.45 and finally closed at 7942.70 after making a high of 7959.30 . We had mentioned in our post for 26th that Nifty has been trading in a very tight range which should be broken either tomorrow on expiry day or on Friday.  Nifty is now at a crucial zone and a consecutive closing above 7966 is required to open doors upto 8050 - 8160 in the coming week. Now Nifty should not break below 7810 and breaking below it we can test 7730 again and below that 7540 can get tested .

For tomorrow Nifty spot has resistance on the upside near 7958 - 7969 ,sustaining above 7887 is required to test 8017 - 8032 levels . Similarly Nifty spot has support on the downside near 7928 - 7916 and breaking and sustaining below 7898 we can retest 7869 - 7854

Bank Nifty spot also closed at 17370.95,  higher by nearly 340 points compared to the previous day . Bank Nifty had been facing selling pressure every time it has crossed 17100 of late . It would be interesting to see now if Bank Nifty can manage to cross and close above 17449 which is the high for the November month so far . If it manages to cross it and sustain above 17500 then good amount of short covering can be witnessed and it can move to 18000 levels 

Levels for tomorrow are

Nifty Spot

Long above 7955 for 7963 - 7869 - 7979

Stay long above 7984 for 7989 - 8007 - 8027

Short below 7930 for 7922 - 7916 - 7906

Stay Short below 7901 for 7896 - 7878 - 7858

Bank Nifty Spot

Long above 17420 for 17445 – 17470 – 17510

Stay long above 17530 for 17550 - 17615 - 17690

Short below 17320 for 17295 – 17270 – 17230

Stay short below 17215 for 17195 - 17125 - 17050


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