Nifty spot opened at 7733.15 made a high at 7764.45 , went down till 7704.40 before closing at 7758.80 . Today Nifty triggered a long trade and completed only 1 target on the long side giving just around 20 points . Nifty was trading cautiously before the big day tomorrow as we the RBI policy and a majority are expecting a rate cut this time . As mentioned yesterday now this week we need Nifty to break and sustain above 7768 - 7785 spot and a valid breakout of this range is required to test 7840 - 7880 range initially .
For today Nifty spot has resistance on the upside near 7774 - 7785 , sustaining above 7803 is required to test 7832 - 7847 levels . Similarly Nifty spot has support on the downside near 7744 - 7733 , breaking and sustaining below 7715 we can test 7686 - 7671 levels.
Nifty Spot Levels for the day are
Long above 7785 for 7800 - 7819 - 7868
Short below 7733 for 7717 - 7699 - 7650
Bank Nifty spot opened at 16236.90 ,made a low of 16046.50 ,then went up till 16278.50 before closing at 16190.60. Today Bank Nifty triggered a short call and completed 1 target and then again triggered a long call but did not complete any targets. Those who would have followed our weekly levels would have got a better option to trade as Bank Nifty reversed exactly from our levels to go short for this week of 16046 . As mentioned in our previous post those who are long should now keep a closing basis stoploss of 15965 spot . Tomorrow we have our RBI policy and the market has been moving positively on expectations of a rate cut till now . The further course of movement would be dependent on the outcome of RBI policy. Bank Nifty has been trading in a tight range of 16000 - 16300 for the past 3 trading sessions and breaking this range on either side should give a big move of around 350 - 450 points .
Bank Nifty Spot Levels for the day are
Long above 16267 for 16315 – 16369 – 16516
Short below 16114 for 16066 – 16012 – 15865
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss