Wednesday, 27 January 2016

Outlook for 28th January

NIFTY


Nifty spot opened at 7469.60 and made a high of 7477.90 and then went down till 7419.70 before closing at 7437.75 . Nifty once again took resistance near 7477, which we have been mentioning is acting as a resistance for now and breaking and sustaining above it is required to test 7500 . Nifty has managed one more close above 7400 spot keeping hopes still alive of testing 7500 once this week if global markets support . If Nifty closes below 7336 then it can again test 7240 below which correction can resume . 

For today Nifty spot has resistance on the upside near 7452 - 7463 , sustaining above 7481 is required to test 7510 - 7524 levels . Similarly Nifty spot has support on the downside near 7423 - 7412, breaking and sustaining below 7395 we can test 7366 - 7352 levels.

Nifty Spot Levels for the day are

Long above 7470 for 7489 - 7512 - 7557

Short below 7405 for 7386 - 7364 - 7319

Tomorrow being Jan series expiry , we are expecting the following range  

Nifty Expiry 

Upper Level 7512

Lower Level 7364


BANK NIFTY


Bank Nifty spot opened at 15648.40 and made a high at 15673.95 ,then went down till 15442.20 before closing at 15534.60 . Bank Nifty has managed to give a close above 15500 for the second day in a row and holding the same can show some more upmove . Bank Nifty has resistance at 15780 -15800 for now . 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 15636 for 15699 –
15770 – 15910

Short below 15430 for 15370 – 15299 – 15155

Tomorrow being Jan series expiry , we are expecting the following range  

Bank Nifty Expiry 

Upper Level 15770

Lower Level 15299

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