Thursday, 3 December 2015

Outlook for 03rd Dec

Nifty spot opened gap up at 7976.70 made a high of 7979.30 but could not sustain above 7975 and got sold off to make a low of 7910.80 and finally closed at 7931.35 . Nifty just tested our weekly level to go long of 7976 at opening and dipped all the way to our weekly level to short of below 7910 and took support . Today we were expecting Nifty to break either one of the levels and sustain but it did not happen and Nifty traded again in a tight range of nearly 70 points which was also the biggest range of this week so far. As we have 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'. Nifty should not break below 7910 as it could take it upto 7870.

For tomorrow Nifty spot has resistance on the upside near 7946 - 7957 ,sustaining above 7976 is required to test 8006 - 8021 levels . Similarly Nifty spot has support on the downside near 7916 - 7905 and breaking and sustaining below 7886 we can retest 7857 - 7842

Bank Nifty spot closed at 17218.50,  lower by nearly 180 points compared to the previous day . Bank Nifty today again faced selling near today high of 17470.85 just below yesterdays high and was unable to break above 17500 today too . Bank Nifty tested our levels to go short and also gave a close in our selling zone for the week .  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"  which has been elusive so far this week . If Bank Nifty spot breaks 17170 and sustains below it then we can expect further downmove till 17000 

Levels for tomorrow are

Nifty Spot

Long above 7941 for 7947 - 7951 - 7959

Stay long above 7962 for 7966 - 7979 - 7994

Short below 7922 for 7916 - 7911 - 7904

Stay Short below 7900 for 7896 - 7883 - 7868

Bank Nifty Spot

Long above 17254 for 17276 – 17294 – 17325

Stay long above 17338 for 17353 - 17406 - 17464

Short below 17182 for 17160 – 17142 – 17112

Stay short below 17099 for 17083 - 17031 - 16972


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