Nifty spot opened at 7611.65 and made a high at 7634.10 and then went down till 7581.05 and closed at 7601.35. Today Nifty gave a small trade on the long side and completed nearly 2 targets. The world markets and sentiments are quite bad at the moment for any big trade on the long side . We are entering into the result season this week and we may get to see some stock specific reactions . We had mentioned in our previous post 'Today we came very close to our last one year low of 7539.60 and it is the third time now in the last few months that we have come so close to it and this time we may see it get broken if the global negative sentiments continue.'
Today Nifty spot has resistance on the upside near 7616 - 7627 , sustaining above 7645 is required to test 7674 - 7689 levels . Similarly Nifty spot has support on the downside near 7587 - 7576, breaking and sustaining below 7558 we can test 7529 - 7514 levels.
Nifty Spot Levels for the day are
Long above 7630 for 7648 - 7669 - 7710
Short below 7572 for 7554 - 7534 - 7493
Bank Nifty spot opened at 16135.40 , made a high of 16229 and then went down till 16104.10 and closed at 16142.65 . Bank Nifty gave a trade on the long side and completed nearly 2 targets . Overall we are having weak global sentiments hence a big move on the upside would have to be backed by some really strong positive news flow . We can expect Bank Nifty to get support near 15800 spot incase of a gap down.
Bank Nifty Spot Levels for the day are
Long above 16318 for 16425 – 16550 – 16795
Short below 15965 for 15860 – 15735 – 15490
To view all our previous posts kindly go to https://simplytradestocks.wordpress.com
Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss