Nifty spot opened at 7355.70 and made a low of 7327.60 and then went up till 7433.40 before closing at 7422.45 . Today Nifty gave entry on the long side and those who would have taken a trade would have have got more than 50 points . For now Nifty has formed a small base near 7240 as mentioned in our previous post and breaking below it could begin the next round of correction. As mentioned in the last post 'We needed to break and sustain above 7477 this week for an upmove to begin but now with only one trading day left in this week even a close above 7375 would give some hopes for longs ' . Nifty gave a good close at 7422.45 but will now need to sustain above 7400 for the positive movement to continue on Monday.
For Monday Nifty spot has resistance on the upside near 7437 - 7448 , sustaining above 7466 is required to test 7494 - 7509 levels . Similarly Nifty spot has support on the downside near 7408 - 7397, breaking and sustaining below 7379 we can test 7351 - 7337 levels.
Nifty Spot Levels for the day are
Long above 7455 for 7476 - 7499 - 7545
Short below 7389 for 7369 - 7346 - 7299
Bank Nifty spot opened at 15343.15 and made a low at 15274.90 ,then went up till 15575.65 before closing at 15497.55 .On Thursday Bank Nifty had regained close above 15000 and we got a strong follow up move with support from global markets . So far Bank Nifty has managed to hold 14825 on closing basis below which we were expecting more correction. Bank Nifty gave a entry on the long side and those who would have taken the trade would have got more than 200 points .We had mentioned in our previous post that 'We need to break and sustain above 15315 this week for an upmove to begin'. Once Bank Nifty sustained above 15315 we got a good upmove on Friday . Now we can keep 15315 as a Stoploss for long positions. We have HDFC Bank declaring its results on Monday and it should be watched closely as it is one of the heavy weight scrips in Bank Nifty.
Bank Nifty Spot Levels for the day are
Long above 15604 for 15670 – 15745 – 15895
Short below 15390 for 15325 – 15250 – 15098
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss