Friday, 29 January 2016

Outlook for 29th January

NIFTY


Nifty spot opened at 7426.50 and made a low of 7409.60 and then went up till 7468.85 before closing at 7424.65 . We have been mentioning that Nifty has to sustain above 7477 which is acting as a resistance for now and only if it is broken and sustained then we may see a test of 7500. Nifty has been managing to close above 7420 for 4 continuous days and breaking and sustaining below 7400 spot is required to test 7336 levels . 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 7439 - 7450 , sustaining above 7468 is required to test 7497 - 7511 levels . Similarly Nifty spot has support on the downside near 7410 - 7399, breaking and sustaining below 7382 we can test 7353 - 7339 levels.

Nifty Spot Levels for the day are

Long above 7457 for 7476 - 7498 - 7543

Short below 7392 for 7373 - 7351 - 7306

BANK NIFTY


Bank Nifty spot opened at 15569.55 and made a high at 15572.20 ,then went down till 15349.75 before closing at 15381.45 . Bank Nifty has not been moving in sync with the Nifty and has been showing more weakness as compared to Nifty . We have been mentioning that 15315 should be kept as stop loss by longs as breaking and sustaining below it can make Bank Nifty test 15000 levels .  Bank Nifty has resistance at 15780 -15800 on the upside for now . So far Bank Nifty has managed to hold 14825 on closing basis below which we are expecting more correction. 

Bank Nifty Spot Levels for the day are

Long above 15479 for 15539 – 15608 – 15746

Short below 15283 for 15224 – 15155 – 15015

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