Tuesday, 22 December 2015

Outlook for 23rd December

NIFTY


Nifty spot opened at 7829.40  made a high of 7846.30 and went down till 7776.85 and closed at 7786.10 .Nifty spot gave a good entry today again and rewarded shorts with nearly 30 points  . Nifty completed nearly two targets on the short side today and has now closed below our go long level for this week reducing hopes of bulls for a new monthly high this week . Tomorrows price action will be important as it will can set the tone for expiry as this is a truncated week . As long as Nifty holds 7690 on closing bulls will try to fight back this week . Bears will gain control on a close below 7647 .

For tomorrow Nifty spot has resistance on the upside near 7801 - 7812 , sustaining above 7830 is required to test 7860 - 7875 levels . Similarly Nifty spot has support on the downside near 7771 - 7760 , breaking and sustaining below 7742 we can test 7713 - 7698 levels.

Nifty Spot Levels for the day are

Long above 7811 for 7831 - 7843 - 7878

Short below 7761 for 7741 - 7729 - 7694

BANK NIFTY


Bank Nifty spot opened at 16810.70 made a high of 16946.10 and moved down till 16704.15 and closed at 16749.20 . Bank Nifty today completed nearly one target on the long side and then nearly one on the short side causing confusion . We were waiting for a follow up move today which came but got sold off later . At one point we had Bank Nifty outperforming Nifty for sometime today . 

Bank Nifty Spot levels for intraday are

Long above 16817 for 16874 – 16907 – 17000

Short below 16681 for 16624 – 16591 – 16495

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