Sunday, 20 December 2015

Outlook for 21st December


NIFTY


Nifty spot opened at 7828.90  made a high of 7836.15 and moved down till 7753.35 and closed at 7761.95 .Nifty spot gave a good entry today again at 7819  and rewarded with 60+ points on the short side . Nifty had completed all our targets on the long side for this week on Wednesday itself so we were not expecting more upside on Friday. As mentioned in our previous post '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'. Nifty gave a up nearly 82 points and also gave a weekly close just below 7766 creating some doubts about staying long

For tomorrow Nifty spot has resistance on the upside near 7777 - 7788 , sustaining above 7806 is required to test 7836 - 7850 levels . Similarly Nifty spot has support on the downside near 7747 - 7736 , breaking and sustaining below 7718 we can test 7689 - 7674

Nifty Spot Levels for the day are

Long above 7789 for 7805 - 7825 - 7862

Short below 7734 for 7718 - 7699 - 7661

BANK NIFTY


Bank Nifty spot opened at 16719.45 made a high of 16737.70 and moved down till 16572.75 and closed at 16594.30 . Bank Nifty completed two targets on the short side and again gave more than 100 points intraday. As mentioned in our previous posts 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 just slightly below 16600 level and now monday first half move will be important to watch to determine the trend for the coming days. A close above 16780 could lead us higher in the days to come.

Bank Nifty Spot levels for intraday are

Long above 16660 for 16700 – 16745 – 16860

Short below 16530 for 16490 – 16445 – 16320

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