Wednesday, 30 December 2015

Outlook for 31st December

NIFTY


Nifty spot opened at 7938.60 and made a high at 7944.75  and then slowly went down till 7889.85 and closed at 7896.25. Today Nifty gave a trade on the short side and did just one target on the short side . Today we have got a close below 7900 and tomorrow being the last day of December expiry , we can see some volatility .We have been mentioning since a couple of days 'We need to closely watch the price action at 7975 levels where some resistance can be expected'  and it seems Nifty is taking resistance near 7950 for now.

For tomorrow Nifty spot has resistance on the upside near 7911 - 7922 , sustaining above 7941 is required to test 7970 - 7985 levels . Similarly Nifty spot has support on the downside near 7881 - 7870 , breaking and sustaining below 7852 we can test 7822 - 7808 levels.

Nifty Spot Levels for the day are

Long above 7920 for 7934 - 7950 - 7983

Short below 7873 for 7859 - 7842 - 7810


BANK NIFTY


Bank Nifty spot opened at 16997.50 and made a high at 17011.30 then made went down till 16889.05 and closed at 16917.90 . Bank Nifty today triggered a entry on the short side and did nearly 2 targets on the short side . We have broken above 17000 now for 3 days in a row and been unable to get a close above it . Tomorrow we can expect to see some volatility being the last day of December series in F&O.

Bank Nifty Spot Levels for the day are

Long above 16968 for 16999 – 17034 – 17105

Short below 16868 for 16837 – 16802 – 16731

Tomorrow is the expiry for December in F&O and the range for Nifty & Bank Nifty is as follows

Nifty spot 7837 - 7956

Bank Nifty spot 16791 - 17045


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