Thursday, 4 February 2016

Outlook for 04th February

NIFTY


Nifty spot opened at 7392.45 and went down till 7360 , then recovered and made a high of 7619.40 and then went down to make a new low towards the end at 7350.30 before closing at 7361.80 . Today Nifty give a good trade on the short side and completed nearly all targets giving nearly 70 points . We had mentioned yesterday that breaking and sustaining below 7470 we could see a test of 7400 - 7350 initially . Today Nifty made a low at 7350.30 and now it would be important to see tomorrow if we are able to hold 7350 . Yesterday Nifty had closed below our weekly short level of 7472 and today we got a good move on the downside and tomorrow if we break and sustain below 7350 we can see a test of 7310 - 7260 next . 

For today Nifty spot has resistance on the upside near 7376 - 7387 , sustaining above 7405 is required to test 7433 - 7448 levels . Similarly Nifty spot has support on the downside near 7348 - 7337, breaking and sustaining below 7319 we can test 7290 - 7276 levels.

Nifty Spot Levels for the day are

Long above 7393 for 7412 - 7434 - 7478

Short below 7330 for 7312 - 7290 - 7246

BANK NIFTY


Bank Nifty spot opened at 14897.40 and made a low at 14777.75, then went up till 14947.80 before closing at 14834.05. Today Bank Nifty gave a trade on the short side and gave nearly 100+ points. Today Bank Nifty  fared slightly better than Nifty towards the end holding its day low for the day whereas we saw a new low coming in Nifty . Tomorrow Bank Nifty on breaking and sustaining below today's low can test 14565 - 14440 where some support should come in  . Sustaining above today's low we can test 15055 again initially .

Bank Nifty Spot Levels for the day are

Long above 14915 for 14960 – 15015 – 15125

Short below 14755 for 14710 – 14655 – 14545

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