Nifty spot opened at 7542.35, made a high at 7569.35 , then went down till 7526.70 before closing at 7555.20 . Nifty did not trigger a trade in any direction on Friday and we have seen consolidation happening between 7526 - 7639 spot in the last 3 trading sessions. Next move will come on the strong and clear breakout of this range which should be looked out for. As mentioned before those who are now short should keep 7650 closing spot as their stop loss . We were expecting a strong move on Friday being a gann pressure date ( it is +/- 1 day normally ) which did not happen and now Monday is a turn date too . We have to get a good move on Monday and one should use trailing stop loss to secure profits and capital as we may see some swings.
For today Nifty spot has resistance on the upside near 7570 - 7581 , sustaining above 7599 is required to test 7628 - 7642 levels . Similarly Nifty spot has support on the downside near 7541 - 7530 , breaking and sustaining below 7512 we can test 7483 - 7469 levels.
Nifty Spot Levels for the day are
Long above 7583 for 7601 - 7621 - 7661
Short below 7527 for 7509 - 7489 - 7450
BANK NIFTY
Bank Nifty spot opened at 15519.30 ,made a high of 15642.70 , went down till 15483.05 before closing at 15568.35. Today Bank Nifty triggered a long call but failed to complete any targets . Last week we were expecting to get around 450 points below 16000 spot and we got more than that . Bank Nifty has been consolidation between 15458 - 15579 for the past 3 trading session and we should watch for a strong and clear breakout of this range for the next move. We were expecting a big move on Friday but got a narrow trading day and a flat close . Monday is a gann turn date for Bank Nifty too and we should watch the price action at the supports and resistances . Breaking and sustaining below 15425 we can test 15200 and below .Those who are short should keep 15875 closing as their stoploss . One should use trailing stoploss on Monday to secure profits and capital as we may see some swings.
Bank Nifty Spot Levels for the day are
Long above 15655 for 15709 – 15770 – 15936
Short below 15481 for 15428 – 15366 – 15200
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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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