Nifty spot opened at 8180.65 which was also the high for the day, went down till 8074.45 before closing at 8140.75 . Had mentioned that long positions can be taken above 8226 and short positions can be taken below 8187 for the day . Nifty triggered our short trade and achieved all our targets and more giving close to 100 points . Had mentioned in the previous post that in the last two days Nifty had taken support above our last support zone of 8050 - 7982 for the second day in a row and also was trading in a range of 8050 - 8147 , breaking which was required for the next move . Today again Nifty was unable to break below 8050 and reversed from 8074.45 . Had been mentioning for the past few days 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. Today again we tested our weekly level to stay short below of 8082 and reversed from just below it . We are having our weekly closing tomorrow and well as a gann date and it would be interesting to see where we close for the week.
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'. We saw Nifty make a high at 8213.20 this week so far but it closed within our initial resistance zone and reversed .
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 8162 we can see a initial move upto 8175 - 8184 & on sustaining above 8189 we may see further upmove till 8230. Similarly if Nifty spot sustains below 8120 we may see a initial move on the downside upto 8107 - 8098 & on sustaining below 8092 we may see a further downmove till 8052 .
Nifty Spot Levels for the day are
Long above 8162 for 8175 - 8189 - 8230 , SL 8134
Short below 8120 for 8107 - 8092 - 8052 , SL 8147
Nifty has good resistance in the zone of 8270 - 8338 and one should be cautious in adding longs here . Fresh longs can be looked at once we get a consecutive close above 8338 spot .
Bank Nifty spot opened at 17827.60 which was also the high for the day , then went down till 17545.80 before closing at 17671.30 . We had mentioned long positions can be taken above 17976 and short positions can be taken below 17860 for the day. Bank Nifty triggered our short trade and achieved all our targets and more giving close to 300 points .Had mentioned in the previous post that in the last 2 days Bank Nifty had taken support just above 17517 below which our further shorts get triggered for the week . Today again i Had been mentioning for the past few days that Bank Nifty has support between 17746 - 17694 and below that near 17553 - 17517 levels
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'. Yesterday Bank Nifty had tested our initial resistance levels for this week and today it tested our second weekly support level and reversed . In this week it was the second time we have tested our second support level on Bank Nifty and breaking and sustaining below it should be watched for fresh selling to begin .
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 17737 we can see a initial move upto 17777 - 17806 & on sustaining above 17823 we may see further upmove till 17948. Similarly if Bank Nifty sustains below 17606 we may see a initial move on the downside upto 17566 - 17537 & on sustaining below 17520 we may see further downmove till 17395
Bank Nifty Spot Levels for the day are
Long above 17737 for 17777 – 17823 – 17948 , SL 17651
Short below 17606 for 17566 – 17520 – 17395 , SL 17691
Bank Nifty has good resistance in the zone of 18045 - 18140 and one should be cautious in adding longs here . Fresh longs can be looked at once we get a consecutive close below 18140.
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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss