Friday, 8 January 2016

Outlook for 8th January

NIFTY


Nifty spot opened at 7673.35 and made a high at 7674.95  and then went down till 7556.60 and closed at 7568.30. Today also Nifty gave a trade on the short side and over achieved all our targets due to weak global sentiments.Today we came very close to our last one year low of 7539.60 and it is the third time now in the last few months that we have come so close to it and this time we may see it get broken if the global negative sentiments continue . We can expect Nifty spot to get some support tomorrow near 7440 spot , one can watch for some reversal signs there.

Today Nifty spot has resistance on the upside near 7583 - 7594 , sustaining above 7612 is required to test 7641 - 7656 levels . Similarly Nifty spot has support on the downside near 7554 - 7543, breaking and sustaining below 7525 we can test 7496 - 7482 levels.

Nifty Spot Levels for the day are

Long above 7599 for 7617 - 7639 - 7696

Short below 7538 for 7519 - 7498 - 7455


BANK NIFTY


Bank Nifty spot opened at 16256.55 which was also the high for the day  and then went down till 16049.75 and closed at 16073.85 . Bank Nifty also once again over achieved all our daily targets due to weak global sentiments. We can expect Bank Nifty to get support near 15800 spot tomorrow incase of a gap down , one can watch for some reversal signs there .

Bank Nifty Spot Levels for the day are

Long above 16144 for 16187 – 16238 – 16370

Short below 16004 for 15961 – 15911 – 15777

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