Tuesday, 26 January 2016

Outlook for 27th January

NIFTY


Nifty spot opened at 7468.75 and made a high of 7487.15 and then went down till 7421.40 before closing at 7436.15 . Nifty broke above 7477 but was unable to sustain above it but has managed to hold 7400 on close once again keeping hopes alive of testing 7500 . As mentioned before Nifty has to break below 7240 for correction to resume . Nifty has resistance on the upside near 7510 - 7563 for this expiry

For today Nifty spot has resistance on the upside near 7451 - 7461 , sustaining above 7479 is required to test 7508 - 7523 levels . Similarly Nifty spot has support on the downside near 7422 - 7411, breaking and sustaining below 7393 we can test 7364 - 7350 levels.

Nifty Spot Levels for the day are

Long above 7469 for 7489 - 7512 - 7559

Short below 7403 for 7383 - 7360 - 7314

With only two trading days left for Jan series , we are expecting the following range  

Nifty Expiry 

Upper Level 7537

Lower Level 7336


BANK NIFTY


Bank Nifty spot opened at 15667 and made a high at 15682.65 ,then went down till 15495.10 before closing at 15561.15 . Bank Nifty has managed to sustain above 15500 now and holding the same can show some more upmove . Bank Nifty has resistance at 15780 -15800 for now .As of now major resistance So far Bank Nifty has managed to hold 14825 on closing basis below which we were expecting more correction. We had mentioned in our previous post that 'We need to break and sustain above 15315 this week for an upmove to begin'.   Now we can keep 15315 as a Stop loss for long positions. 

Bank Nifty Spot Levels for the day are

Long above 15665 for 15730 – 15800 – 15950

Short below 15455 for 15390 – 15320 – 15170

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