NIFTY
Nifty spot opened at 8102.25 , made a low for the the day at 8063.90 , went up till 8125.25 before closing at 8110.60 . Had mentioned that long positions can be taken above 8184 and short positions can be taken below 8156 for the day . Nifty opened below our last target for intraday in our short trade . Nifty also completed nearly 4 targets on the downside as per our weekly short trade . Only those who carried over short positions over the weekend would have gained today due the good gap down opening . Today we saw Nifty break our second support zone of 8092 - 8082 and stop at 8063.90 just before our last support zone of 8050 - 7982 before giving a small recovery to close above 8100 .
For this week Nifty spot has resistance between 8194 - 8208 and above that near 8248 - 8258 levels and has support between 8147 - 8132 and below that near 8092 - 8082 levels'. Today we saw our second support levels in Nifty being broken and reclaimed towards the end .
Trend reversal in Nifty for this series would be consecutive closing below 7982 and trend continuation would be on consecutive close above 8338 spot .
For today if Nifty spot sustains above 8126 we can see a initial move upto 8136 - 8143 & on sustaining above 8147 we may see further upmove till 8178. Similarly if Nifty spot sustains below 8095 we may see a initial move on the downside upto 8085 - 8078 & on sustaining below 8074 we may see a further downmove till 8044 .
Nifty Spot Levels for the day are
Long above 8126 for 8136 - 8147 - 8178 , SL 8115
Short below 8095 for 8085 - 8074 - 8044 , SL 8106
Nifty has good support in the zone of 8050 - 7982 and one should be cautious in adding shorts here . Fresh shorts can be looked at once we get a consecutive close below 7982 spot.
BANK NIFTY
Bank Nifty spot opened at 17620.55, made a low for the day at 17527.55 , then went up till 17666.55 before closing at 17593.95 . We had mentioned long positions can be taken above 17879 and short positions can be taken below 17778 for the day. Bank Nifty also opened near our last target on the short side . Bank Nifty also completed 3 targets on the downside as per our weekly short trade and took some support just above 17517 below which further shorts get triggered for the week .
For this week Bank Nifty spot has resistance between 17911 - 17963 and above that near 18105 - 18140 levels and has support between 17746 - 17694 and below that near 17553 - 17517 levels'. Today we saw Bank Nifty taking support in our second support zone and holding it .
Trend reversal in Bank Nifty for this series would be consecutive closing below 17152 and trend continuation would be on consecutive close above 18089 spot .
For today if Bank Nifty spot sustains above 17652 we can see a initial move upto 17688 - 17714 & on sustaining above 17729 we may see further upmove till 17840. Similarly if Bank Nifty sustains below 17536 we may see a initial move on the downside upto 17500 - 17474 & on sustaining below 17459 we may see further downmove till 17347.
Bank Nifty Spot Levels for the day are
Long above 17652 for 17688 – 17729 – 17840 , SL 17612
Short below 17536 for 17500 – 17459 – 17347 , SL 17576
Bank Nifty has good support in the zone of 17332 - 17153 and one should be cautious in adding shorts here . Fresh shorts can be looked at once we get a consecutive close below 17153
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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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