Nifty spot opened at 7659.15 made a low of 7625.10 and moved up till 7705 and closed at 7700.90 . Nifty triggered our short call but did not sustain and hit the stop loss and moved up to trigger a buy call and did nearly 2 targets on the upside . Nifty spot today completed all our initial targets on the long side at 7705 as per this weeks outlook posted on 13th December , and now it would need to sustain above 7715 spot to move towards the next target on the long side. As mentioned in our previous posts 'For this week 7662 and 7728 are important resistance zones and 7560 and 7493 are important support zones for Nifty spot. .Bulls would gain some momentum only on sustaining or closing above 7766 this month' . Today we saw swift upmove on sustaining above 7662 spot .Now Nifty is approaching important resistance zones on weekly and monthly basis and we can expect a bit of volatility in the next few days .
For tomorrow Nifty spot has resistance on the upside near 7716 - 7727 , sustaining above 7745 is required to test 7774 - 7789 levels . Similarly Nifty spot has support on the downside near 7686 - 7675 , breaking and sustaining below 7657 we can test 7628 - 7613
Nifty Spot Levels for the day are
Long above 7715 for 7741 - 7765 - 7798
Short below 7686 for 7661 - 7637 - 7604
Bank Nifty spot opened at 16342.35 made a low of 16188.05 and moved up till 16425.15 and closed at 16398.65 . Today Bank Nifty did nearly 2 targets on the downside before triggering the long call at the end of the day . As mentioned yesterday Now one should watch 16600 levels on the upside as breaking and sustaining above it would be important for further upmove . Bank Nifty has underperformed today compared to the Nifty and it would be interesting to see whether it catches up with the Nifty tomorrow.
Bank Nifty Spot levels for intraday are
Long above 16450 for 16480 – 16520 – 16615
Short below 16345 for 16315 – 16280 – 16180
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss