Tuesday, 19 January 2016

Outlook for 20th January

NIFTY


Nifty spot opened at 7381.80 and made a low at 7364.15 and then went up till 7462.75 before closing at 7435.10. Today Nifty gave good entry on the long side and completed all our targets giving traders nearly 65 points today . As mentioned yesterday we were expecting a small bounce if 7291 was held today on closing today, which did not get tested today. Now if 7291 is broken and sustained then we may still go down and complete the remaining targets on the short side . Else if we break and sustain 7477 then we may test higher levels.

Today Nifty spot has resistance on the upside near 7449 - 7460 , sustaining above 7478 is required to test 7507 - 7522 levels . Similarly Nifty spot has support on the downside near 7421 - 7410, breaking and sustaining below 7392 we can test 7363 - 7349 levels.

Nifty Spot Levels for the day are

Long above 7464 for 7482 - 7502 - 7543

Short below 7406 for 7388 - 7368 - 7328


BANK NIFTY


Bank Nifty spot opened at 15086.75 which was also the low for the day  and made a high at 15338.20  before closing at 15269.65 . Today Bank Nifty gave a stronger move which allowed Nifty to also sustain above 7420 towards the end . So far Bank Nifty has been able to hold 15000 spot on closing basis. As mentioned previously ' Bank Nifty has a small support at 14825 below 15000 now and if that is broken and sustained we could see further correction till 14350'. Today Bank Nifty gave a good entry on the long side and completed all our targets giving traders nearly 175 points today .We have also 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 15351 for 15401 – 15458 – 15575

Short below 15188 for 15138 – 15080 – 14966

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