Wednesday, 9 December 2015

Outlook for 09th December

Nifty spot opened gap down at 7738.50 made a high of 7771.4 and corrected  till 7685.45 and closed at 7701.70. Nifty was unable to break above our buying range for the day and corrected today to achieve all targets on the short side.  As per the weekly outlook too today Nifty achieved our initial 3 targets on the short side and managed to just close above the weekly stay short level of 7689 . If Nifty spot manages to take support at 7677 - 7660 tomorrow then we may see small bounce till 7777.

For tomorrow Nifty spot has resistance on the upside near 7716 - 7727 ,sustaining above 7746 is required to test 7775 - 7790 levels . Similarly Nifty spot has support on the downside near 7688 - 7676 and breaking and sustaining below 7658 we can test 7629 - 7614

Nifty Spot Levels for the day are

Long above 7713 for 7725 - 7739 - 7763

Short below 7690 for 7678 - 7664 - 7639


Bank Nifty spot opened at 16888.65 made a high of 16943.05 and it corrected till 16783.65 and closed at 16801.05 .Today Bank Nifty broke below 16800 and has closed just above it. If Bank Nifty manages to hold 16745 spot tomorrow then we may see a small bounce till 16940-16990.

Bank Nifty Spot levels for intraday are

Long above 16840 for 16870 – 16910 – 16990

Short below 16760 for 16730 – 16710 – 16610


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