Nifty spot opened at 7561.65 and made a high at 7566.50 and then went down till 7427.30 before closing at 7437.80 very near to the days low . Nifty spot closed near the days low and also below 7442 below which our next levels on the short side gets triggered as per our previous weekly outlook . We had been holding a long view with a cbsl of 7420 since last week which held for the entire week but it may get broken today as we are seeing sustained selling in the world markets .
Today Nifty spot has resistance on the upside near 7452 - 7463 , sustaining above 7481 is required to test 7510 - 7524 levels . Similarly Nifty spot has support on the downside near 7423 - 7412, breaking and sustaining below 7394 we can test 7366 - 7351 levels.
Nifty Spot Levels for the day are
Long above 7462 for 7476 - 7493 - 7527
Short below 7414 for 7399 - 7383 - 7349
Bank Nifty spot opened at 15621.85 and made a high at 15650.70 and then went down till 15154.35 before closing at 15206.30. Bank Nifty is getting weaker by the day and any bounce in the Nifty will need some recovery from Bank Nifty too. Bank Nifty has a small support at 14825 below 15000 now and if that is broken and sustained we could see further correction till 14350. 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 15271 for 15311 – 15357 – 15449
Short below 15141 for 15101 – 15055 – 14931
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss