Sunday, 6 December 2015

Outlook for 07th December

Nifty spot opened gap down at 7817.60 made a high of 7821.40 and corrected towards the end till 7775.70 and closed near the days low at 7781.90 . Nifty spot is now close to its crucial support, breaking which we can expect to test the low for this year and holding which we can test 7850 and above that till 7970 once again.

For tomorrow Nifty spot has resistance on the upside near 7797 - 7807 ,sustaining above 7827 is required to test 7856 - 7870 levels . Similarly Nifty spot has support on the downside near 7767 - 7756 and breaking and sustaining below 7737 we can test 7708 - 7694

Nifty Spot Levels for the day are

Long above 7793 for 7799 - 7804 - 7813

Stay long above 7817 for 7821 - 7837 - 7854

Short below 7771 for 7765 - 7760 - 7751

Stay Short below 7746 for 7742 - 7727 - 7710

Bank Nifty spot open and high was same at 17009.45 and it made a low at 16880.35 and closed near to its low at 16897.30. Last week Bank Nifty came close to crossing 17500 on two occasions and being unable to do so saw bears taking control and we saw bank nifty lose nearly 600 points . Bank Nifty is now again at a crucial support and breaking 16800 this week we can see a dip 16600 levels and holding it we can see a bounce till 17150 levels. 


Bank Nifty Spot levels for intraday are

Long above 16935 for 16955 – 16975 – 17005

Stay long above 17016 for 17031- 17085 - 17140

Short below 16860 for 16839 – 16822 – 16790

Stay short below 16779 for 16764 - 16711 - 16655


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