Nifty spot opened at 7577.80, made a low at 7516.85 , then went up till 7678.80 before closing at 7671.40 . Today Nifty triggered a trade on the short side initially but did not even break 7512 and reversed from 7516.85 itself and went up to trigger our long call and completed all our targets on the long side giving around 95 points and also closed above 7669 . We had mentioned in our previous post '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' . We had mentioned yesterday that breaking of 7512 spot is required to test lower levels and those of who would have remembered this level and gone long closer to it would have gained more points. We had mentioned that Nifty spot has been consolidating between 7526 - 7639 and a strong and clear breakout of this range is required to give direction of the next move . We had mentioned in our previous posts that those who are now short should keep 7650 closing spot as their stop loss .
For today Nifty spot has resistance on the upside near 7686 - 7697 , sustaining above 7715 is required to test 7745 - 7759 levels . Similarly Nifty spot has support on the downside near 7657 - 7646 , breaking and sustaining below 7628 we can test 7599 - 7584 levels.
Nifty Spot Levels for the day are
Long above 7704 for 7724 - 7746 - 7808
Short below 7639 for 7619 - 7597 - 7535
Bank Nifty spot opened at 15623.35 ,made a low of 15440.25 , went up till 15853.85 before closing at 15818.50. Today Bank Nifty triggered a short trade initially but did not even break 15425 and reversed from 15440.25 itself and went up to trigger our long call and completed more than 2 targets on the long side giving around 195 points . We had mentioned yesterday that breaking of 15425 spot is required to test lower levels and those who would have remembered this level and gone long closer to it would have gained more points today. We had mentioned yesterday 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.
Bank Nifty Spot Levels for the day are
Long above 15912 for 15970 – 16036 – 16214
Short below 15725 for 15667 – 15601 – 15423
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss