Monday, 21 December 2015

Outlook for 22nd December

NIFTY


Nifty spot opened at 7745.65  made a low of 7733.45 and moved up till 7840.75 and closed at 7834.45 .Nifty spot gave a good entry today again and rewarded longs with nearly 50 points  . Nifty completed  two targets on the long side today and has given a close just above our confirmation level for longs this week. It we get a follow up move tomorrow then we can see a new high for this month tomorrow.

For tomorrow Nifty spot has resistance on the upside near 7849 - 7860 , sustaining above 7879 is required to test 7908 - 7923 levels . Similarly Nifty spot has support on the downside near 7819 - 7808 , breaking and sustaining below 7790 we can test 7761 - 7746

Nifty Spot Levels for the day are

Long above 7862 for 7884 - 7897 - 7935

Short below 7807 for 7785 - 7772 - 7734

BANK NIFTY


Bank Nifty spot opened at 16593.40 made a low of 16580.65 and moved up till 16848.60 and closed at 16825.15 . Bank Nifty today completed nearly all  targets on the long side and gave nearly a 200 point gain . As mentioned in our previous post 'A close above 16780 could lead us higher in the days to come' . Now we would need to see if we can get a follow up move tommorow . We have been saying since last week that bank nifty has some catching up to do with the Nifty and it has not been moving in sync with Nifty. Today bank nifty has nearly caught up with Nifty . On 17th December Nifty had closed at 7844 and Bank Nifty had closed at 16741 whereas today Nifty has closed at 7834 and Bank Nifty has closed at 16825.

Bank Nifty Spot levels for intraday are

Long above 16895 for 16955 – 16990 – 17100

Short below 16755 for 16695 – 16660 – 16560

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