Thursday, 7 January 2016

Outlook for 07th January

NIFTY


Nifty spot opened at 7788.05 and made a high at 7800.95  and then went down till 7721.20 and closed at 7741. Yesterday we were unable to post our views due to connectivity issues and we regret any inconvenience caused to our readers because of the same.. Chinese markets have been hitting lower circuits and falling steeply creating a global scare .We have also broken and closed below major supports after taking resistance near 7975 spot . Some correction was expected from near 7975 but now we would need to see how deep this correction can go due to weak global cues . Its quarterly result season again and a lot would also depend on the results coming this quarter. We have over achieved all our targets on the short side for this week  . For now it appears we are in a sell on rise markets till we get a close above 7900 . Will update any changes based on market moves in the days ahead . Let's see what we can expect now .

For today Nifty spot has resistance on the upside near 7756 - 7767 , sustaining above 7785 is required to test 7815 - 7829 levels . Similarly Nifty spot has support on the downside near 7726 - 7715 , breaking and sustaining below 7697 we can test 7668 - 7653 levels.

Nifty Spot Levels for the day are

Long above 7765 for 7780 - 7798 - 7832

Short below 7717 for 7702 - 7684 - 7650


BANK NIFTY


Bank Nifty spot opened at 16505.05 made a high of 16614.95 and then went down till 16377.65 and closed at 16433.15 . Bank Nifty has also over achieved all our weekly targets and has now given a close below 16500 . For now it appears we are in a sell on rise market till we get a close above 16895. Will update any changes based on market moves in the days ahead.

Bank Nifty Spot Levels for the day are

Long above 16493 for 16531 – 16574 – 16660

Short below 16372 for 16335 – 16292 – 16206

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