Nifty spot opened gap down at 7846.75 , made a low for the day at 7810.75 , towards the end went up till 7882.05 before closing at 7870.15 . Had mentioned that long positions can be taken above 7913 and short positions can be taken below 7869 for the day .Today Nifty triggered our short trade and completed more than 2 targets missing our last target by 13 points giving around 30 points from the short trade due to gap down . As mentioned in my previous posts Nifty will be strong once we get a consecutive close above 7931 spot . Nifty has been trading in a range of 7678 - 7992 for the past 23 sessions now and a decisive break on any side can give upto a 3% move on that side.
For today if Nifty spot sustains above 7884 - 7893 we can see a initial move upto 7907 - 7916 & on sustaining above 7923 we may see further upmove till 7966. Similarly if Nifty spot sustains below 7856 - 7848 we may see a initial move on the downside upto 7834 - 7824 & on sustaining below 7818 we may see a further downmove till 7775.
Nifty Spot Levels for the day are
Long above 7893 for 7907 - 7923 - 7966 , SL 7877
Short below 7848 for 7834 - 7818 - 7775 , SL 7863
Bank Nifty spot opened at 16671.70, made a low at 16556.60, went up till 16759.05 before closing at 16728.95 . We had mentioned long positions can be taken above 16821 and short positions can be taken below 16704 for the day. Bank Nifty triggered a short trade and completed slightly more than our 2nd target giving around 90 points from the short trade due to gap down. Today Bank Nifty again hugely under performed the Nifty as PSU banks have been coming out with a weak set of numbers due to higher provisioning for NPAs. As mentioned in my previous post Bank Nifty will be strong once we get a consecutive close above 17002 . Bank Nifty has been trading in a range of 16012 - 17030 for the past 23 sessions now and a decisive break on either side can give upto a 3% move on that side.
For today if Bank Nifty spot sustains above 16766 - 16788 we can see a initial move upto 16825 - 16851 & on sustaining above 16867 we may see further upmove till 16980. Similarly if Bank Nifty sustains below 16692 - 16670 we may see a initial move on the downside upto 16633 - 16607 & on sustaining below 16591 we may see further downmove till 16478.
Bank Nifty Spot Levels for the day are
Long above 16788 for 16825 – 16867 – 16980 , SL 16747
Short below 16670 for 16633 – 16591 – 16478 , SL 16711
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss