Wednesday, 20 January 2016

Outlook for 21st January

NIFTY


Nifty spot opened at 7357 and showed a high of 7470.90 and then went down till 7241.50 before closing at 7309.30. Today Nifty gave entry on the short side and completed all our targets giving traders nearly 80 points today . Today Nifty broke below 7291 and completed nearly 2 more weekly targets on the short side before recovering towards the end and closing above 7300 . As mentioned previously we can expect a small bounce if 7291 is held tomorrow again on closing . We need to break and sustain above 7477 this week for an upmove to begin .

Today Nifty spot has resistance on the upside near 7323 - 7334 , sustaining above 7352 is required to test 7381 - 7395 levels . Similarly Nifty spot has support on the downside near 7295 - 7284, breaking and sustaining below 7266 we can test 7238 - 7224 levels.

Nifty Spot Levels for the day are

Long above 7335 for 7351 - 7369 - 7405

Short below 7283 for 7268 - 7250 - 7214


BANK NIFTY


Bank Nifty spot opened at 15059.50 and showed a high at 15533.45 ,then went down till 14754.65 before closing at 14935.50 .Today Bank Nifty closed below 15000 finally . 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 entry on the short side and completed all our targets giving traders nearly 225 points today .We have been mentioning repeatedly in our previous posts '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 '. We need to break and sustain above 15315 this week for an upmove to begin.

Bank Nifty Spot Levels for the day are

Long above 15015 for 15065 – 15120 – 15235

Short below 14855 for 14806 – 14750 – 14635

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