Tuesday, 8 December 2015

Outlook for 08th December

Nifty spot opened gap down at 7816.55 made a high of 7825.40 and corrected  till 7746.05 and closed slightly above the days low at 7765.40. Nifty spot is now close to its crucial support zone of 7742 - 7733 , breaking and sustaining below which we can expect to test the low for this year and holding these levels we can test 7850 and above that till 7970 once again.

For tomorrow Nifty spot has resistance on the upside near 7780 - 7791 ,sustaining above 7810 is required to test 7839 - 7854 levels . Similarly Nifty spot has support on the downside near 7751 - 7740 and breaking and sustaining below 7721 we can test 7692 - 7678

Nifty Spot Levels for the day are

Long above 7776 for 7788 - 7802 - 7821

Short below 7755 for 7742 - 7728 - 7710


Bank Nifty spot opened at 17018 made a high of 17031.85 and it corrected till  16921.75 and closed at 16947 nearly 50 points higher than the previous close . Today Bank Nifty outperformed the Nifty and closed in the green . As mentioned in the previous post '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 16985 for 17020 – 17040 – 17145

Short below 16910 for 16875 – 16855 – 16750


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