Thursday, 10 December 2015

Outlook for 10th December

NIFTY

Nifty spot opened flat at 7695.50  made a high of 7702.85 and corrected  till 7606.90 and closed near the days low at 7612.50. Nifty was unable to break above our buying range for the day and corrected today to achieve all targets on the short side again . Yesterday Nifty had managed to close just above the weekly stay short level of 7689 after breaking below it and today breaking and sustaining below it fell till 7606.90 and is now very close to our last target for this week of 7591 and if it is broken we can see a quick correction till near the previous low of 7539.50 

For tomorrow Nifty spot has resistance on the upside near 7627 - 7638 ,sustaining above 7656 is required to test 7685 - 7700 levels . Similarly Nifty spot has support on the downside near 7598 - 7587 , breaking and sustaining below 7569 we can test 7540 - 7526

Nifty Spot Levels for the day are

Long above 7624 for 7636 - 7649 - 7685

Short below 7602 for 7590 - 7576 - 7538

BANK NIFTY 

Bank Nifty spot opened at 16762.15 made a high of 16868.60 and it corrected till 16626.55 and closed at 16660.75 .Today Bank Nifty broke again below 16800 and achieved nearly all our initial targets on the short side for the week and for the day. Tomorrow 16580 spot will be a important level to watch as sustaining below it we can slide further to test the next targets as posted in the Weekly Outlook for 07th to 11th December 

Bank Nifty Spot levels for intraday are

Long above 16698 for 16750 – 16800 – 16915

Short below 16624 for 16580 – 16522 – 16410

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