Tuesday, 9 February 2016

Outlook for 10th February

NIFTY


Nifty spot opened at 7303.95 and made a high at 7323.45 , then went down till 7275.15 before closing at 7298.25 . Today Nifty opened below our selling level and stayed there the entire day . Those who would have taken a trade near the day high would have got just 40 points . We were expecting Nifty spot to take support near 7257 - 7241 below 7325 and we saw Nifty take support higher near 7275 . IF we see a break of 7241 then we can expect some support near 7173 - 7123 .

For today Nifty spot has resistance on the upside near 7312 - 7323 , sustaining above 7341 is required to test 7370 - 7384 levels . Similarly Nifty spot has support on the downside near 7284 - 7273, breaking and sustaining below 7256 we can test 7227 - 7213 levels.

Nifty Spot Levels for the day are

Long above 7331 for 7351 - 7373 - 7419

Short below 7266 for 7246 - 7223 - 7177

BANK NIFTY


Bank Nifty spot opened at 14830.40 and made a high at 14964.90 then went down till 14760.80 before closing at 14875.10. Today Bank Nifty opened below our selling level and stayed there the entire day . Those who would have taken a trade near the day high would have got nearly 200 points as Bank Nifty completed all the targets on the short side . We had mentioned in our previous post that 'Bank Nifty has support near 14750 and it would be needed to see if it holds'  , and we saw Bank Nifty taking support and reversing from 14760. IF we see a break of 14750 today then we can expect some support near 14562 - 14440.
 
Bank Nifty Spot Levels for the day are

Long above 14942 for 14983 – 15030 – 15125

Short below 14808 for 14767 – 14720 – 14626

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