Tuesday, 2 February 2016

Outlook for 03rd February

NIFTY


Nifty spot opened at 7566.65 and made a high of 7576.30 and then went down till 7428.05 before closing at 7455.55 . Today Nifty give a good trade on the short side and completed all targets giving nearly 100 points . We had mentioned yesterday that breaking and sustaining below 7470 we could see a test of 7400 - 7350 initially . Today Nifty has managed to close just above 7450 and it would be interesting to see how it moves tomorrow as today it has also triggered our weekly short trade by closing below 7472 .We have strong support near 7375 - 7350 spot and sustaining or closing  below it we can head to test 7240 levels.

For today Nifty spot has resistance on the upside near 7470 - 7481 , sustaining above 7499 is required to test 7528 - 7542 levels . Similarly Nifty spot has support on the downside near 7441 - 7430, breaking and sustaining below 7412 we can test 7384 - 7369 levels.

Nifty Spot Levels for the day are

Long above 7489 for 7509 - 7533 - 7580

Short below 7422 for 7401 - 7378 - 7331

BANK NIFTY


Bank Nifty spot opened at 15353.60 and made a high at 15463.45, then went down till 15018.85 before closing at 15068. Today Bank Nifty gave 1 trade on the long side and completed 1 target and then gave a trade on the short side and completed nearly all targets  giving nearly 200 points on the short side. Bank Nifty has continued to remain weak and has not been able to support the Nifty without which crossing 7600 seems difficult . We had mentioned in our post yesterday that "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" . Today we saw Bank Nifty test 15018 on sustaining below 15295 . 

Bank Nifty Spot Levels for the day are

Long above 15152 for 15205 – 15265 – 15425

Short below 14984 for 14935 – 14875 – 14715

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