Friday, 5 February 2016

Outlook for 05th February

NIFTY


Nifty spot opened at 7411.55 and made a high at 7457.05 , then went down till 7365.95 before closing at 7404 . Today Nifty give a good trade on the long side and completed nearly all targets giving close to 70 points . As mentioned in our previous posts Nifty has a support at 7350 spot and on breaking  it we can see a slide till 7240 and holding it we can see upmove resuming . Now we have immediate resistance at 7472 on the upside and breaking and sustaining above it is required to further move  .

For today Nifty spot has resistance on the upside near 7418 - 7429 , sustaining above 7447 is required to test 7476 - 7490 levels . Similarly Nifty spot has support on the downside near 7390 - 7379, breaking and sustaining below 7361 we can test 7332 - 7318 levels.

Nifty Spot Levels for the day are

Long above 7435 for 7454 - 7476 - 7520

Short below 7373 for 7354 - 7332 - 7288

BANK NIFTY


Bank Nifty spot opened at 14969.20 and made a high at 14978.35, then went down till 14761.40 before closing at 14869.15. Today Bank Nifty gave a trade to those who would have taken a long trade when our go short level was not triggered . Today Bank Nifty again under performed majorly to the Nifty and dragged Nifty down from the days high . We can expect Bank to do some catching up tomorrow if markets are positive . Bank Nifty needs to break and sustain above 15055 spot for upmove to resume. .

Bank Nifty Spot Levels for the day are

Long above 14945 for 14990 – 15042 – 15150

Short below 14795 for 14750 – 14695 – 14590

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