Outlook for 29th December

NIFTY

Nifty spot opened at 7863.20 and low was at 7863  and it went up till 7937.20 and closed at 7925.15. Today Nifty gave a good entry on the long side and those who initiated the trade would have got nearly 55 points as Nifty completed nearly all our targets on the long side. We were expecting Nifty to cross 7900 today and Nifty not only crossed but also gave a strong close at 7925.15 to begin the expiry week . We need to closely watch the price action at 7975 levels where some resistance can be expected

For tomorrow Nifty spot has resistance on the upside near 7940 - 7951 , sustaining above 7970 is required to test 8000 - 8014 levels . Similarly Nifty spot has support on the downside near 7910 - 7899 , breaking and sustaining below 7880 we can test 7851 - 7837 levels.

Nifty Spot Levels for the day are

Long above 7948 for 7962 - 7977 - 8009

Short below 7902 for 7889 - 7873 - 7841

BANK NIFTY

Bank Nifty spot opened at 16843.40 which was also the low for the day and moved up till 17019 and closed at 16979.15 which is also the highest close for this month . Bank Nifty today gave a entry on the long side and completed all our targets on the long side giving traders who initiated long positions nearly 155 points. Today Bank Nifty finally broke above 17000 which would now keep bears under pressure tomorrow.

Bank Nifty Spot Levels for the day are

Long above 17029 for 17060 – 17095 – 17165

Short below 16929 for 16898 – 16863 – 16792

As of today's close the expiry range for both Nifty and Bank Nifty has moved slightly higher and we shall wait to see tomorrows close and then post new levels  

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