Sunday, 7 February 2016

Outlook for 08th February

NIFTY


Nifty spot opened at 7418.25 and made a low at 7406.65 , then went up till 7501.85 before closing at 7498.80 . Today Nifty give a good trade on the long side and completed nearly all targets giving nearly 65 points . Now breaking above 7527 spot Nifty will approach resistance area of 7555 - 7575  and a close above it is required to move higher . Currently Nifty is having  support at 7470 spot and breaking below it will take it to 7433 - 7424 where there is some support and sustaining below it we will head lower .

For today Nifty spot has resistance on the upside near 7513 - 7524 , sustaining above 7542 is required to test 7571 - 7586 levels . Similarly Nifty spot has support on the downside near 7484 - 7473, breaking and sustaining below 7456 we can test 7427 - 7412 levels.

Nifty Spot Levels for the day are

Long above 7527 for 7544 - 7564 - 7604

Short below 7470 for 7453 - 7433 - 7393

BANK NIFTY


Bank Nifty spot opened at 14928.25 and made a low at 14890.90, then went up till 15211.90 before closing at 15162.05. Today Bank Nifty gave a good trade on the long side and completed all our targets giving more than 200 points to those who would have taken the trade. Today Bank Nifty finally moved in sync with Nifty. We were expect Bank Nifty to do some catching up  and it obliged by giving a decent move and also gave a closing above 15055 spot . Bank Nifty is having some resistance at 15320 - 15340 spot and sustaining above it is required to move higher

Bank Nifty Spot Levels for the day are

Long above 15230 for 15271 – 15319 – 15415

Short below 15095 for 15053 – 15005 – 14910

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