Outlook for 12th February

NIFTY

Nifty spot opened at 7203.60 and made a high at 7208.65 , then went down till 6959.95 before closing at 6976.35 . Today Nifty gave a good chance to short and completed all our targets on the short side .Those who would have taken the trade would have got more than 90 points . Those who would have used trailing stoploss would have gained more.As mentioned in our previous post 'IF we see a break of 7241 then we can expect some support near 7173 - 7123' . Today we were expecting Nifty to hold 7123 and breaking and sustaining below it we saw a steep fall coming in quick time .Now the next support comes near 6855 - 6760 which should be watched closely . We need to see 7120 getting reclaimed for building hopes of any short term revival .

For today Nifty spot has resistance on the upside near 6990 - 7001 , sustaining above 7018 is required to test 7046 - 7060 levels . Similarly Nifty spot has support on the downside near 6963 - 6952, breaking and sustaining below 6935 we can test 6907 - 6893 levels.

Nifty Spot Levels for the day are

Long above 7010 for 7031 - 7055 - 7120

Short below 6942 for 6922 - 6898 - 6833

BANK NIFTY

Bank Nifty spot opened at 14518.65 and made a high at 14530.80 then went down till 13969.85 before closing at 14028.55. Today Bank Nifty gave a good chance to short and completed all out targets on the short side  Those who would have taken the trade would have got more than 200 points .Those who would have used trailing stoploss would have gained more. As mentioned in our previous post  'IF we see a break of 14750 today then we can expect some support near 14562 - 14440' . Today we were expecting Bank Nifty to hold 14425 and sustaining below it we saw a steep fall coming in quick time . Now the next support comes near 13780 - 13550 which should be watched closely. We need to see 14440 getting reclaimed for building hopes of any short term revival .

Bank Nifty Spot Levels for the day are

Long above 14110 for 14159 – 14216 – 14370

Short below 13948 for 13898 – 13841 – 13686

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