Monday, 1 February 2016

Outlook for 02nd February

NIFTY


Nifty spot opened at 7589.50 and made a high of 7600.45 and then went down till 7541.25 before closing at 7555.95 . Today Nifty did not give any chance to trade as it was moving in a tight range most part of the day . As mentioned yesterday now we need Nifty to hold 7470 on closing basis to move up further and 7620 - 7655 initially .Breaking and sustaining below 7470 we can see a test of 7400 - 7350 initially .

For today Nifty spot has resistance on the upside near 7570 - 7581 , sustaining above 7599 is required to test 7629 - 7643 levels . Similarly Nifty spot has support on the downside near 7541 - 7530, breaking and sustaining below 7512 we can test 7484 - 7469 levels.

Nifty Spot Levels for the day are

Long above 7588 for 7608 - 7630 - 7675

Short below 7524 for 7504 - 7482 - 7436

BANK NIFTY


Bank Nifty spot opened at 15547.75 and made a high at 15565.50 ,then went down till 15281.35 before closing at 15314.45 . Today Bank Nifty gave a trade on the short side and completed 2 targets giving nearly 150 points .We had mentioned in our previous post too that Bank Nifty has not been moving in sync with the Nifty and has been showing more weakness as compared to Nifty which was seen again today . Now closing or sustaining below 15295 we can again test 15050 where there is some support and closing or sustaining above 15750 we can test 15985 . Tomorrow we have RBI policy too post which we may see a good move coming.

Bank Nifty Spot Levels for the day are

Long above 15400 for 15452 – 15510 – 15675

Short below 15230 for 15175 – 15115 – 14955

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