Outlook for 30th December

NIFTY

Nifty spot opened at 7929.20 and made a high at 7942.15  and then went down till 7902.75 and closed at 7928.95. Today Nifty did not give any trade as it moved within our go long and go short range of 7902 - 7948 and did not give any opportunity to trade today on either side. Today we have got a second close above 7900 and tomorrow we should break this range in which we traded today. As mentioned yesterday too '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 7944 - 7955 , sustaining above 7974 is required to test 8003 - 8018 levels . Similarly Nifty spot has support on the downside near 7914 - 7903 , breaking and sustaining below 7884 we can test 7855 - 7840 levels.

Nifty Spot Levels for the day are

Long above 7952 for 7965 - 7981 - 8013

Short below 7906 for 7893 - 7877 - 7845

BANK NIFTY

Bank Nifty spot opened at 16988.30 ,went down till 16921.15 then made a high of 17045.55 which is a new high for this month and closed at 16991.45  which is also the highest close for this month .  Bank Nifty today triggered a entry on the short side but immediately reversed to go up all the way up to trigger Stoploss and also to give an entry on long side and finally closed below it too . Today again Bank Nifty broke above 17000 which would now keep bears under pressure tomorrow again.

Bank Nifty Spot Levels for the day are

Long above 17042 for 17073 – 17109 – 17180

Short below 16940 for 16910 – 16874 – 16803

With 2 trading days left for this exipry , the range for Nifty & Bank Nifty is as follows

Nifty spot 7845 - 8013

Bank Nifty spot 16812 - 17170

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