Nifty spot opened at 7050.45 , made a low at 6825.80 , then went up till 7094.60 before closing at 6987.05 . Today Nifty gave a trade initially on the short side and completed all our targets on the short side giving nearly 90 points and more. Then Nifty rose to give a trade on the long side and completed nearly 2 targets giving nearly 40 points . We saw wild swings as mentioned yesterday and those who would have used trailing stop loss would have done good. As we had mentioned in our previous post now this week 'We will have to trade and sustain above 7090 - 7097 spot levels for raising hopes of testing 7188 and above . Similarly breaking and sustaining below 6932 we may head lower till next support levels of 6855 - 6760' . We saw a test 6855 - 6760 support range and bounce back to go up and test 7090 - 7097 resistance range and again come down . Today we can expect some more volatility before we get a better direction for this week .
For today Nifty spot has resistance on the upside near 7001 - 7012 , sustaining above 7029 is required to test 7057 - 7071 levels . Similarly Nifty spot has support on the downside near 6973 - 6963, breaking and sustaining below 6945 we can test 6918 - 6904 levels.
Nifty Spot Levels for the day are
Long above 7013 for 7029 - 7047 - 7096
Short below 6961 for 6945 - 6927 - 6878
Bank Nifty spot opened at 13818.90, went down till 13407.25 then moved up till 14222.30 before closing at 13946.40 .Today Bank Nifty initially gave a trade on the short side and completed all targets on the short side giving nearly 245 points.Then Bank Nifty rose to give a trade on the long side and completed all targets on the long side giving nearly 250 points. .As mentioned in our previous post now this week 'We will have to trade and sustain above 13668 - 13992 spot levels for raising hopes of testing 14205 and above . Similarly breaking and sustaining below 13375 we may head lower till next support levels of 12940 - 12825' . Today we saw a down move till near support zone of 13375 and saw Bank Nifty recover and test 14205 on breaking above 13992 . Overall Bank Nifty has out performed the Nifty today by giving a positive close of 155 points against a negative close by Nifty of 42 points in respect to previous days closing of both . It needs to be seen whether this out performance continues today too.
Bank Nifty Spot Levels for the day are
Long above 14022 for 14069 – 14123 – 14268
Short below 13870 for 13824 – 13770 – 13625
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss