Tuesday, 5 January 2016

Outlook for 5th January

NIFTY


Nifty spot opened at 7924.15 and made a high at 7937.45  and then went down till 7781.65 and closed at 7791.30. Nifty gave a trade on the short side and completed all daily targets and also nearly completed all our weekly targets on the short side . Chinese index hit lower circuits causing a ripple across the globe and the effect was visible even in Dow last night .We have been mentioning since a couple of days 'We need to closely watch the price action at 7975 levels where some resistance can be expected'  . We saw Nifty go down without a breach of 7975 spot and due to week global sentiments close below 7800. We have nearly done all our targets on the short side for this week in one day . Let's see what we can expect now .

For today Nifty spot has resistance on the upside near 7806 - 7817 , sustaining above 7836 is required to test 7865 - 7880 levels . Similarly Nifty spot has support on the downside near 7777 - 7766 , breaking and sustaining below 7747 we can test 7718 - 7703 levels.

Nifty Spot Levels for the day are

Long above 7819 for 7835 - 7854 - 7892

Short below 7764 for 7748 - 7728 - 7690


BANK NIFTY


Bank Nifty spot opened at 16959.45 which was also the high and then went down till 16577.15 and closed at 16599.15 . Bank Nifty today triggered a entry on the short side and  did all daily targets as well as nearly completed all our weekly targets on short side in one day itself .We were waiting to see whether we get a follow up after it closed above 17000 which did not come due weak global sentiments as all markets were in deep red globally yesterday . 

Bank Nifty Spot Levels for the day are

Long above 16664 for 16704 – 16749 – 16840

Short below 16535 for 16495 – 16449 – 16358

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