Thursday, 14 January 2016

Outlook for 15th January

NIFTY


Nifty spot opened at 7467.40 and then went down till 7443.80 and closed at 7536.80 after making a high of 7604.80  . Nifty spot opened with a big gap down and did not give traders to trade on the short side today as per the levels given. Nifty gave a good recovery again today from the lows . Yesterday we had mentioned We have a long view now with a cbsl of 7420 spot initiated today ' . We had also mentioned in our previous posts One should look at closing short positions today if Nifty spot nears 7477 - 7442 spot'  .Those who would gone long today near the low of 7443.80 with the mentioned stoploss would have gained nearly 150 points . 

Today Nifty spot has resistance on the upside near 7551 - 7562 , sustaining above 7580 is required to test 7609 - 7624 levels . Similarly Nifty spot has support on the downside near 7522 - 7511, breaking and sustaining below 7493 we can test 7465 - 7450 levels.

Nifty Spot Levels for the day are

Long above 7564 for 7582 - 7601 - 7640

Short below 7509 for 7492 - 7472 - 7433


BANK NIFTY


Bank Nifty spot opened at 15612.50  and then went down till 15453.40 and then recovered and went up till 15803.20 and closed at 15609.80 .  Yesterday we were expecting a dip till 15400 which nearly came today . Once again we have Bank Nifty closing below 15800 today . Bank Nifty has been again under performing compared to the Nifty and we may see some catching up soon . As we have been mentioning in  our previous post 'Overall we are having weak global sentiments hence a big move on the upside would have to be backed by some really strong positive news flow '

Bank Nifty Spot Levels for the day are

Long above 15675 for 15720 – 15765 – 15860

Short below 15545 for 15505 – 15455 – 15360

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