Friday, 18 December 2015

Outlook for 18th December

NIFTY


Nifty spot opened at 7783.05  made a low of 7737.55 and moved up till 7852.90 and closed at 7844.35 .Nifty spot gave a good entry today again at 7737.55 and rewarded with 100+ 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 sideHave 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' . Yesterday we saw Nifty breaking 7766 but it did not manage to close above it .Today after FOMC event out of the way Nifty surged on sustaining above 7766 and completed all our balance targets too for the week on the long side . Tomorrow being a weekly close we would need to see whether we give up any gains of this week or manage to add any more to it . We can expect some resistance near 7875 tomorrow

For tomorrow Nifty spot has resistance on the upside near 7859 - 7870 , sustaining above 7889 is required to test 7918 - 7933 levels . Similarly Nifty spot has support on the downside near 7830 - 7819 , breaking and sustaining below 7800 we can test 7771 - 7756

Nifty Spot Levels for the day are

Long above 7870 for 7891 - 7903 - 7939

Short below 7819 for 7798 - 7786 - 7751

BANK NIFTY


Bank Nifty spot opened at 16704.05 made a low of 16544.65 and moved up till 16771.80 and closed at 16741.50 . Today Bank Nifty completed all targets on the long side without triggering any stoploss and again gave more than 160 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 upmoveToday Bank Nifty has closed way above 16600 level and now is very close to giving a breakout. Bank Nifty still has some catching up to do with the Nifty for this week . Bank Nifty is still short of nearly 90 points to complete all our weekly targets on the long side . Now 16780 should be watched tomorrow as sustaining and closing above it we can expect more upmove from Bank Nifty . 

Bank Nifty Spot levels for intraday are

Long above 16805 for 16857 – 16888 – 17008

Short below 16678 for 16626 – 16595 – 16475

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