Tuesday, 16 February 2016

Outlook for 16th February

NIFTY


Nifty spot opened at 7057.35 and made a low at 7056.80 , then went up till 7182.80 before closing at 7162.95 . Today Nifty triggered our long call at opening and achieved more than all our targets .  As mentioned in our previous post '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' . If this range is held this week too then we may see a small pull back. Today Nifty gave a sharp upmove right from opening and did not give any significant dip throughout the day . We would need Nifty to break and sustain above 7191 spot tomorrow to see further upmove . 

For today Nifty spot has resistance on the upside near 7177 - 7188 , sustaining above 7205 is required to test 7234 - 7248 levels . Similarly Nifty spot has support on the downside near 7149 - 7138, breaking and sustaining below 7121 we can test 7093 - 7079 levels.

Nifty Spot Levels for the day are

Long above 7208 for 7236 - 7268 - 7333

Short below 7117 for 7089 - 7057 - 6993

BANK NIFTY


Bank Nifty spot opened at 14120.90 and made a low at 14120.50 then went up till 14548.15 before closing at 14445. Today Bank Nifty gave a trade on the long side and completed 2 targets on the long side. As mentioned in our previous post  'Now the next support comes near 13780 - 13550 which should be watched closelyWe need to see 14440 getting reclaimed for building hopes of any short term revival '. If this range is held this week then we may see some pullback. Today Bank Nifty gave a sharp upmove right from opening and did not give any significant dip throughout the day. We would need Bank Nifty to break and sustain above 14556 spot tomorrow to see further upmove .

Bank Nifty Spot Levels for the day are

Long above 14556 for 14625 – 14704 – 14861

Short below 14333 for 14265 – 14186 – 14029

To view all our previous posts kindly go to  https://simplytradestocks.wordpress.com

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