Nifty spot opened at 7557.90 gained nearly 25 points and then went down till 7425.80 and closed at 7562.40 after making a high of 7590.95 . We were expecting Nifty to take resistance near 7583 - 7597 levels as mentioned in our post yesterday and Nifty took resistance there after completing 2 targets on the long side after opening and then triggered our short trade and completed 2 targets on the down side. We were expecting Nifty to test 7438 - 7424 levels below 7467 as mentioned in our post yesterday and Nifty made a low of 7425.80 and rebounded sharply to again trigger a long trade and again completed 2 targets on the upside. Overall a very volatile day and swing traders would have taken good trades and got more 150 points in swings . We had also posted a comment in our post for 12th January 'One should look at closing short positions today if Nifty spot nears 7477 - 7442 spot' which came today . We have a long view now with a cbsl of 7420 spot initiated today.
Today Nifty spot has resistance on the upside near 7577 - 7588 , sustaining above 7606 is required to test 7635 - 7650 levels . Similarly Nifty spot has support on the downside near 7548 - 7537, breaking and sustaining below 7519 we can test 7490 - 7476 levels.
Nifty Spot Levels for the day are
Long above 7591 for 7609 - 7629 - 7670
Short below 7534 for 7516 - 7496 - 7455
Bank Nifty spot opened at 15835.05 gained some 40 points and then went down till 15532.25 and then recovered and went up till 15956.25 and closed at 15871.85 . Bank Nifty also gave multiple trades today initially completing 2 targets on the long , then giving a short trade and completing nearly all targets on the short side and then rebounded and again completed nearly all targets on the upside . A good day for swing traders who would have taken nearly 500 points in quick trades . We were expecting a dip upto 15400 levels since yesterdays closing was below 15800 and we saw a volatile move today. Now Bank Nifty has closed above 15800 today and if today's low is held we can expect to see some bounce back . As we have been mentioning in our previous post '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 15945 for 15990 – 16040 – 16145
Short below 15799 for 15755 – 15705 – 15600
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss