Thursday, 18 February 2016

Outlook for 19th February

NIFTY


Nifty spot opened at 7177.40 and made a high at 7215.10 , then went down till 7127.85 before closing at 7191.75 . Today Nifty triggered our long call and completed nearly 2 targets giving around 40 points .  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' . Yesterday we had mentioned that Nifty has immediate resistance at 7191 above 7120 and today Nifty gave a close at 7191 and if today's closing is held tomorrow then we may see further upmove till 7241 - 7373  in the days ahead . Similarly closing below 7123 we may see lower levels again.

For today Nifty spot has resistance on the upside near 7206 - 7217 , sustaining above 7234 is required to test 7263 - 7277 levels . Similarly Nifty spot has support on the downside near 7178 - 7167, breaking and sustaining below 7149 we can test 7121 - 7107 levels.

Nifty Spot Levels for the day are

Long above 7238 for 7267 - 7300 - 7365

Short below 7145 for 7117 - 7084 - 7018

BANK NIFTY


Bank Nifty spot opened at 14301.75 and made a high of 14385.65 , then went down till 14180.90 before closing at 14298.15 .Today Bank Nifty gave a trade on the long side and completed 2 targets giving nearly 100 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 again slightly under performed to the Nifty and we might see some out performance tomorrow incase global markets support . 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 14404 for 14470 – 14545 – 14695

Short below 14192 for 14127 – 14052 – 13900

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