Nifty spot opened at 7557.40, made a high at 7585.30 , went down till 7479.40 before closing at 7512.55 . Nifty today opened gap up above triggering a long call and completed all targets on the long side giving around 40 points .We had mentioned in our previous post ' We repeat that those who are positionally long should watch breaking and sustaining below 7417 - 7396 spot zone to exit ' and today we took support in this zone . Those who would have used 7396 as SL and gone long here would have got nearly 100 points with a small Stoploss. We have been mentioning in our posts regularly that Nifty is trading above its support zone of 7396 - 7360 and on breaking below this we can test the next immediate supports near 7252 - 7242 levels. As mentioned previously ' Nifty may face resistance near 7558 - 7590 above 7530' and today again we saw Nifty take resistance in the zone of 7558 - 7590 . We need to see a decisive break of this range to start talking of higher targets.
For today Nifty spot has resistance on the upside near 7527 - 7538 , sustaining above 7556 is required to test 7585 - 7599 levels . Similarly Nifty spot has support on the downside near 7498 - 7487, breaking and sustaining below 7469 we can test 7440 - 7426 levels.
Nifty Spot Levels for the day are
Long above 7527 for 7536 - 7547 - 7575
Short below 7498 for 7489 - 7478 - 7450
Bank Nifty spot opened at 15622.30 ,made a high of 15704.75 ,then went down till 15312.50 before closing at 15444. Today Bank Nifty triggered our long call and completed all out targets giving nearly 100 points and triggered our short call towards the end and completed 2 targets giving nearly 100 points .We have been said this before and am repeating it that one should keep trailing stoploss in this market. Today Bank Nifty has made a new high for this month and has closed just below the previous close . As mentioned previously 'We would need a valid breakout of 14900 - 15452 range to see a good move on either side now. ' . Bank Nifty has support in the range of 14758 - 14647. Now for longs Bank Nifty spot should not break and sustain below 14900 spot .
Bank Nifty Spot Levels for the day are
Long above 15488 for 15515 – 15546 – 15630
Short below 15400 for 15373 – 15342 – 15258
To view all our previous posts kindly go to https://simplytradestocks.wordpress.com
Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss