NIFTY
Nifty spot opened at 7545.35, made a high at 7547.10 , then went down till 7447.40 before closing at 7486.15 . Nifty today triggered a sell call and completed 2 targets on the short side giving 46 points As mentioned yesterday ' Nifty may face resistance near 7558 - 7590 above 7530' . Today Nifty reversed from near 7545 and also closed below 7500 . Currently Nifty has its 50 DEMA at 7401 and is also trading above its support of 7396 - 7366 zone. Breaking below these levels we can test the next support levels at 7252 - 7262 . Those who are positionally long should keep closing basis stop loss at 7396 spot now . It appears the upmove has been done today at 7547 and we may see test the supports now.
For today Nifty spot has resistance on the upside near 7501 - 7511 , sustaining above 7529 is required to test 7558 - 7573 levels . Similarly Nifty spot has support on the downside near 7472 - 7461, breaking and sustaining below 7443 we can test 7414 - 7400 levels.
Nifty Spot Levels for the day are
Long above 7521 for 7542 - 7567 - 7616
Short below 7451 for 7430 - 7405 - 7356
BANK NIFTY
Bank Nifty spot opened at 15347.45 ,made a high of 15354.15 ,then went down till 15098.50 before closing at 15180.65 .Today Bank gave a short trade and competed just one target giving around 70 points only .Today Bank Nifty broke its 50 DEMA for the third day in a row now and has managed to close it which is now at 15142. If we break it again tomorrow we might find it difficult to close above it .Bank Nifty is also trading above its support zone of 14758 - 14647 . Am mentioning again 'Those who are positionally long should exit on breaking and sustaining below 14990 spot' . Currently Bank Nifty is trading in a range of 14990 - 15452 and breaking and sustaining on either side should give a good move in that direction. We should see a clear break of this range today.
Bank Nifty Spot Levels for the day are
Long above 15280 for 15341 – 15411 – 15551
Short below 15081 for 15020 – 14950 – 14761
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss
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