Sunday, 31 January 2016

Outlook for 01st February

NIFTY


Nifty spot opened at 7413.35 and made a low of 7402.80 and then went up till 7575.65 before closing at 7563.55 . We have been mentioning that Nifty has to sustain above 7477 which is acting as a resistance for now and only if it is broken and sustained then we may see a test of 7500 and also that sustaining below 7400 spot is required to test 7336 levels . On Friday Nifty went till 7402 and bounced back from there to break above 7500 and completed all our targets on the long side giving nearly 100 points to those who took the trade . Now we need to watch 7470 levels below which we can again test 7400 .

For today Nifty spot has resistance on the upside near 7578 - 7589 , sustaining above 7607 is required to test 7636 - 7651 levels . Similarly Nifty spot has support on the downside near 7549 - 7538, breaking and sustaining below 7520 we can test 7491 - 7477 levels.

Nifty Spot Levels for the day are

Long above 7598 for 7620 - 7644 - 7693

Short below 7528 for 7508 - 7483 - 7434

BANK NIFTY


Bank Nifty spot opened at 15140.15 and made a low at 15136.85 ,then went up till 15554.90 before closing at 15522.40 . We had mentioned in our previous post too that Bank Nifty has not been moving in sync with the Nifty and has been showing more weakness as compared to Nifty . Now below 15295 we can again test 15050 where there is some support . Bank Nifty has resistance at 15780 -15800 on the upside for now . 

Bank Nifty Spot Levels for the day are

Long above 15610 for 15660 – 15720 – 15885

Short below 15437 for 15385 – 15325 – 15160

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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss