Wednesday, 23 December 2015

Outlook for 24th December

NIFTY


Nifty spot opened at 7830.45  made a low of 7826.10 and went up till 7871.45 and closed at 7865.95 .Nifty spot gave a good entry and rewarded longs with nearly 40 points  . Nifty completed nearly all targets on the long side today and has now closed finally above 7850 and also near our resistance level of 7875 as mentioned in our previous post . Today we saw one sided upmove and also a new high for this month . Yesterday we had mentioned that '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' and today we a reverse move of yesterday and a strong close too . We may see Nifty above 7900 finally tomorrow if we break and sustain above 7882 spot

For tomorrow Nifty spot has resistance on the upside near 7881 - 7892 , sustaining above 7910 is required to test 7940 - 7955 levels . Similarly Nifty spot has support on the downside near 7851 - 7840 , breaking and sustaining below 7822 we can test 7792 - 7778 levels.

Nifty Spot Levels for the day are

Long above 7891 for 7912 - 7924 - 7960

Short below 7840 for 7820 - 7808 - 7772


BANK NIFTY


Bank Nifty spot opened at 16828.35 made a low of 16812.50 and moved up till 16913.15 and closed at 16882.50 . Bank Nifty today gave a good entry and completed two targets on the long side rewarding longs with nearly 100 points. Today we sustained the follow up move unlike the previous day and now we may see Bank Nifty above 17000 levels . 

Bank Nifty Spot levels for intraday are

Long above 16953 for 17011 – 17045 – 17144

Short below 16812 for 16754 – 16720 – 16620

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