Nifty spot opened at 7828.15, made a low at 7822.55 , then went up till 7974.50 before closing at 7962.65 . We had mentioned that long positions can be taken above 7878 and short positions can be taken below 7832 for the day .Today Nifty triggered a trade on the short side at opening but did not sustain and triggered our SL and then moved up and triggered our long call and completed all our targets giving around 90 points . As mentioned yesterday Nifty has been consolidating between 7772 - 7978 for the past 6 trading sessions and breaking and sustaining beyond this range should be watched for the next decisive move . Today also we saw Nifty stay within this range . 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 7978 - 7989 , sustaining above 8007 is required to test 8037 - 8052 levels . Similarly Nifty spot has support on the downside near 7948 - 7937 , breaking and sustaining below 7918 we can test 7888 - 7874 levels.
Nifty Spot Levels for the day are
Long above 7987 for 8002 - 8019 - 8065 , SL 7970
Short below 7938 for 7924 - 7907 - 7860 , SL 7955
BANK NIFTY
Bank Nifty spot opened at 16647.75, made a low of 16572 and went up till 17029.85 before closing at 17002.55. We had mentioned long positions can be taken above 16736 and short positions can be taken below 16622 for the day. Bank Nifty triggered a short trade after opening and then triggered our SL , it then moved up to trigger our long call and completed all our targets and also closed above it giving nearly 270 points . As mentioned yesterday 'Bank Nifty has been consolidating between 16012 - 16770 for the past 6 trading sessions and breaking and sustaining beyong this range should be watched for the next decisive move' and today we saw that once it broke above the range it moved another 250 points in that direction. We had mentioned yesterday '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.' Today shorts got stopped out . Now those who are holding longs should keep 16750 closing as their stoploss .
Bank Nifty Spot Levels for the day are
Long above 17063 for 17101 – 17144 – 17259 , SL 17021
Short below 16942 for 16904 – 16862 – 16746 , SL 16984
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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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