Tuesday, 1 December 2015

Outlook for 02nd December

Nifty spot opened gap up at 7958.15 made a high of 7972.15 and finally closed at 7954.90 after making a low of 7934.15 . As we had mentioned in our previous post that ' 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'. Today Nifty broke above 7966 by 6 points but could not sustain or close above it .Tomorrow is Gann Date and one can expect this narrow range of 50 points in which we have traded so far this week to be broken. Breaking above 7955 spot we can go above 8000 tomorrow . Nifty should not break below 7910 as it could take it upto 7870.

For tomorrow Nifty spot has resistance on the upside near 7970 - 7981 ,sustaining above 8000 is required to test 8029 - 8044 levels . Similarly Nifty spot has support on the downside near 7940 - 7928 and breaking and sustaining below 7910 we can retest 7881 - 7866

Bank Nifty spot closed at 17398.55 ,  lower by nearly 30 points compared to the previous day . Bank Nifty today again made a high of 17495.45 just below yesterdays high and was unable to break above 17500 today too . Tomorrow is a gann date and we can expect Bank Nifty to break out of this narrow range of 160 points in which we have traded this week so far . In my previous post had mentioned that "If it manages to cross and sustain above 17500 then good amount of short covering can be witnessed and it can move to 18000 levels"  and today it was again missed by 5 points . It would be interesting to see whether 17500 gets broken and sustained tomorrow.

Levels for tomorrow are

Nifty Spot

Long above 7967 for 7975 - 7981 - 7991

Stay long above 7996 for 8001 - 8019 - 8039

Short below 7942 for 7935 - 7929 - 7918

Stay Short below 7914 for 7909 - 7891 - 7871

Bank Nifty Spot

Long above 17445 for 17470 – 17490 – 17525

Stay long above 17545 for 17560 - 17625 - 17695

Short below 17355 for 17330 – 17305 – 17270

Stay short below 17255 for 17235- 17170 - 17100


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