Nifty spot opened at 7891.80, made a high at 7923.35 , then went down till 7873.35 before closing at 7899.30 . We had mentioned that long positions can be taken above 7936 and short positions can be taken below 7888 for the day .Today Nifty triggered a trade on the short side and completed 1 target on the short side giving just around 15 points . Nifty has been consolidating between 7843 - 7978 the entire week and breaking and sustaining beyond this range should be watched this week for a decisive move Those who are holding longs should keep 7834 spot closing as stoploss for their positions . Those who are holding shorts should keep 7964 spot close as their stoploss.
For today Nifty spot has resistance on the upside near 7914 - 7925 , sustaining above 7944 is required to test 7974 - 7988 levels . Similarly Nifty spot has support on the downside near 7884 - 7873 , breaking and sustaining below 7855 we can test 7825 - 7811 levels.
Nifty Spot Levels for the day are
Long above 7924 for 7939 - 7956 - 8003
Short below 7875 for 7860 - 7843 - 7796
BANK NIFTY
Bank Nifty spot opened at 16641.05, made a low of 16549.10 and went up till 16755.85 before closing at 16703.40 . We had mentioned long positions can be taken above 16702 and short positions can be taken below 16572 for the day. Bank Nifty triggered a short trade and then triggered the stoploss without completing any target . It then went on to trigger out long call and completed 1 target on the long side giving around 50 points . Today Bank moved with a bit of uncertainity on direction . Those who are holding longs should keep 16540 spot closing as stoploss for their positions . Those who are holding shorts should keep 16867 spot close as their stoploss.
Bank Nifty Spot Levels for the day are
Long above 16765 for 16803 – 16847 – 16965
Short below 16642 for 16603 – 16560 – 16442
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss
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