Nifty spot opened at 7527.45 and made a low at 7494.35 and then went up till 7605 and closed at 7563.85. Today due to a big gap down opening even though Nifty completed all our targets on the short side not many traders would have been able to take a trade. We have been mentioning since the past few days that we are expecting the previous swing low of 7539.60 to be broken this time if global negative sentiments continue and today we saw it getting broken with a gap down opening . As mentioned yesterday too, from today we are entering into the result season and we have TCS , Indusind Bank and a couple of other banks and company's declaring their result . We could see some action in IT and banking stocks today .
Today Nifty spot has resistance on the upside near 7578 - 7589 , sustaining above 7607 is required to test 7637 - 7651 levels . Similarly Nifty spot has support on the downside near 7549 - 7538, breaking and sustaining below 7520 we can test 7492 - 7477 levels.
Nifty Spot Levels for the day are
Long above 7592 for 7610 - 7630 - 7670
Short below 7535 for 7518 - 7498 - 7457
Bank Nifty spot opened at 15979.05 , made a low of 15840.60 and then went up till 16156.80 and closed at 16016.25 . Bank Nifty gave a trade on the short side and completed one target . Yesterday we had mentioned that 'We can expect Bank Nifty to get support near 15800 spot incase of a gap down'. Bank took support near 15840 today and recovered a bit . Tomorrow we begin the result season and have Indusind , DCB and Federal bank announcing their quarterly results which could affect the movement in banking stocks. 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 .
Bank Nifty Spot Levels for the day are
Long above 16080 for 16120 – 16165 – 16255
Short below 15950 for 15910 – 15865 – 15775
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss