Nifty spot opened at 7736.30 which was also the high for the day , went down till 7588.65 before closing at 7603 . Today Nifty triggered a short trade and completed all ours targets on the short side giving around 130 points with the use of trailing stoploss . As mentioned previously now this week we needed Nifty to break and sustain above 7768 - 7785 spot and a valid breakout of this range is required to test 7840 - 7880 range initially . Nifty was unable to break and sustain above this range and we saw a correction coming today . Those who are still long positionally need to keep 7580 spot as stoploss for their positions.
For today Nifty spot has resistance on the upside near 7618 - 7629 , sustaining above 7647 is required to test 7676 - 7691 levels . Similarly Nifty spot has support on the downside near 7589 - 7578 , breaking and sustaining below 7560 we can test 7531 - 7516 levels.
Nifty Spot Levels for the day are
Long above 7633 for 7651 - 7672 - 7729
Short below 7573 for 7555 - 7534 - 7477
Bank Nifty spot opened at 16127.45 ,made a high of 16147.15 ,then went down till 15659.75 before closing at 15695. Today Bank Nifty triggered a short call and completed all ours targets giving around 450 points with the use of trailing stoploss . As mentioned yesterday '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 ' and today we saw a fall of nearly 360 points on the downside once we broke below 16000 spot . Now it needs to be seen if we can get a follow up move tomorrow to assume that the top for the current rally is over or there is still some recovery possible. Those who are still long positionally need to keep 15500 spot as stop loss for their positions.
Bank Nifty Spot Levels for the day are
Long above 15788 for 15845 – 15911 – 16089
Short below 15602 for 15545 – 15479 – 15301
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss