Wednesday, 17 February 2016

Outlook for 18th February

NIFTY


Nifty spot opened at 7058.85 and made a low at 6960.65 , then went up towards the end of session till 7123.70 before closing at 7108.45 . Today Nifty triggered our short call and completed 1 target and then towards the end triggered our long call and completed 1 target again .  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' . Today again we saw 7120 getting tested towards the end .We have been mentioning in our previous posts 7120 is a acting as a important level and sustaining above it is required to test the next immediate resistance of 7191 level . We would need Nifty to break and sustain above 7191 to see further upmove till 7247 - 7373 spot . 

For today Nifty spot has resistance on the upside near 7122 - 7133 , sustaining above 7151 is required to test 7179 - 7193 levels . Similarly Nifty spot has support on the downside near 7094 - 7083, breaking and sustaining below 7066 we can test 7038 - 7024 levels.

Nifty Spot Levels for the day are

Long above 7155 for 7183 - 7216 - 7281

Short below 7062 for 7034 - 7001 - 6936

BANK NIFTY


Bank Nifty spot opened at 14165.25 and then went down till 13892.10 , then recovered towards the end and went up till 14186.10 before closing at 14119.85 .Today Bank Nifty gave a trade on the short side and completed 2 targets giving nearly 150 points . 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 '.   Today Bank Nifty widely under performed to the Nifty and we might see some out performance soon . We would need Bank Nifty spot to break and sustain above 14690 to test higher levels till 14885 - 15010

Bank Nifty Spot Levels for the day are

Long above 14229 for 14297 – 14374 – 14583

Short below 14010 for 13943 – 13865 – 13657

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