Outlook for 17th December

NIFTY

Nifty spot opened at 7725.25  made a low of 7715.75 and moved up till 7776.60 and closed at 7750.90 .Nifty spot gave a good entry today at 7715.75 and rewarded with 50 points on the long side .Yesterday we had mentioned 'Nifty spot has 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. Have also 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 and Bulls would gain some momentum only on sustaining or closing above 7766 this month' . Today Nifty on sustaining above 7715 we saw further upmove and breaking of 7766 but did not manage to close above it .Tonights FOMC meet outcome would be watched closely for further market direction. Nifty is now in a cluster of resistances till 7835 for this week and it would be interesting to see how it responds tomorrow after the FOMC outcome . Nifty has been giving a higher close by nearly 50 points daily this week. 

For tomorrow Nifty spot has resistance on the upside near 7766 - 7777 , sustaining above 7795 is required to test 7824 - 7839 levels . Similarly Nifty spot has support on the downside near 7736 - 7725 , breaking and sustaining below 7707 we can test 7678 - 7633

Nifty Spot Levels for the day are

Long above 7777 for 7791 - 7816 - 7840

Short below 7727 for 7707 - 7686 - 7662

BANK NIFTY

Bank Nifty spot opened at 16464.50 made a low of 16363.90 and moved up till 16640.40 and closed at 16579.40 . Today Bank Nifty completed all targets on the longside without triggering any stoploss and gave more than 165 points intraday. As mentioned yesterday too Now one should watch 16600 levels on the upside as breaking and sustaining above it would be important for further upmove . Today Bank Nifty broke above 16600 level intraday and has given a interesting close at just below 16580 . Bank Nifty has so far underperformed compared to the Nifty this week which is higher by 140 points to last weeks close whereas in comparision Bank Nifty is higher by 237 points to last weeks close . 

Bank Nifty Spot levels for intraday are

Long above 16640 for 16678 – 16722 – 16838

Short below 16518 for 16481 – 16438 – 16321

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