Thursday, 21 January 2016

Outlook for 22nd January

NIFTY


Nifty spot opened at 7376.65 and made a high of 7398.70 and then went down till 7250 before closing at 7276.80 . Today Nifty gave entry on the short side right at opening as per our weekly outlook ( As per our weekly outlook it was short below 7399 for this week ) and completed 2 targets on the short side as per  intraday shorting level for today  .Those who would have remembered the weekly level and would have shorted even near 7390 would have got nearly 140 points and those who would have shorted as per intraday level would have got nearly 33 points today . Today Nifty has given a close below 7291 which is our next level to go short for this week but Nifty has been forming support near 7240 - 7250 in the last two days which could provide support incase of gap down . Breaking and sustaining below the low of the week could begin another round of fall . We needed to break and sustain above 7477 this week for an upmove to begin but now with only one trading day left in this week even a close above 7375 would give some hopes for longs  

Today Nifty spot has resistance on the upside near 7291 - 7302 , sustaining above 7320 is required to test 7348 - 7362 levels . Similarly Nifty spot has support on the downside near 7263 - 7252, breaking and sustaining below 7234 we can test 7206 - 7192 levels.

Nifty Spot Levels for the day are

Long above 7301 for 7316 - 7333 - 7379

Short below 7252 for 7238 - 7220 - 7175


BANK NIFTY


Bank Nifty spot opened at 15132.20 and made a high at 15364.60 ,then went down till 14918.15 before closing at 15101.20 .Today Bank Nifty regained closing above 15000  . 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 did not give a clear trade , those who would have entered above the 2nd target would have got 100 points .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 '. Yesterday we had mentioned that 'We need to break and sustain above 15315 this week for an upmove to begin'. Today Nifty broke above it but could not sustain above it . It would be interesting to see if it can break above it tomorrow again and sustain. 

Bank Nifty Spot Levels for the day are

Long above 15186 for 15239 – 15299 – 15461

Short below 15016 for 14964 – 14904 – 14741

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

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