Nifty spot opened at 7811.05 , made a low for the day at 7809.30 , went up till 7941.20 before closing at 7934.90 . Had mentioned that long positions can be taken above 7767 and short positions can be taken below 7730 for the day .Today Nifty triggered our long trade and completed all targets and a lot more . Today was a superb day to trade with TSL . Had mentioned yesterday that we may take a cue from the global markets and one should check the weekly outlook posted on them for some clarity . Yesterday Dow had triggered the weekly long on closing and we also not only crossed our weekly longs but are also close to completing our last long target of 7961 as per our weekly outlook.
As mentioned in the previous posts Nifty will be strong once we get a consecutive close above 7980 spot . Nifty has been trading now in a range of 7678 - 7992 now for the past 28 sessions . Sustaining / closing below 7678 we may see Nifty test 7545 spot and sustaining / closing above 7992 we may see a test upto 8154 . Had mentioned yesterday that 'But for this expiry it looks difficult for Nifty to break / sustain above 7980 spot' but seems it is very much possible now . Sustaining / closing above 7992 will open space for another 150 - 200 points.
For today if Nifty spot sustains above 7954 - 7965 we can see a initial move upto 7984 - 7997 & on sustaining above 8005 we may see further upmove till 8062. Similarly if Nifty spot sustains below 7916 - 7905 we may see a initial move on the downside upto 7886 - 7873 & on sustaining below 7865 we may see a further downmove till 7807
Nifty Spot Levels for the day are
Long above 7965 for 7984 - 8005 - 8062 , SL 7944
Short below 7905 for 7886 - 7865 - 7807, SL 7926
Bank Nifty spot opened at 16600.65 made a low at 16599.05, went up till 17025.85 before closing at 16997.45. We had mentioned long positions can be taken above 16497 and short positions can be taken below 16416 for the day. Bank Nifty triggered our long trade and completed all our targets and more . Today was superb day to trade with TSL. Today not only did Bank Nifty trigger our weekly long call but also achieved our last target of 16954 from the long trade.
As mentioned in my posts previously 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 28 sessions now. Today we saw it come close to breaking it with a high of 17025.85 . Sustaining / closing below 16012 we may see upto 15710 and sustaining / closing above 17030 we may see upto 17400 . If you look at Nifty and Bank Nifty in isolation both seem to be giving different views . Had mentioned in my previous posts 'Bank Nifty does not seem keen to sustain below 16018 and Nifty above 7980 for now. Sustaining / closing above 17002 will open space for another 350 - 400 points .
For today if Bank Nifty spot sustains above 17047 - 17077 we can see a initial move upto 17126 - 17161 & on sustaining above 17183 we may see further upmove till 17335. Similarly if Bank Nifty sustains below 16948 - 16918 we may see a initial move on the downside upto 16869 - 16834 & on sustaining below 16812 we may see further downmove till 16660
Bank Nifty Spot Levels for the day are
Long above 17077 for 17126 – 17183 – 17335 , SL 17022
Short below 16918 for 16869 – 16812 – 16660 , SL 16973
Tomorrow being the last day of this series my expiry view is as below
Upper Range - 7999
Lower Range - 7870
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss