Tuesday, 23 February 2016

Outlook for 23rd February

NIFTY


Nifty spot opened at 7208.85 and made a low at 7200.70 , then went up till 7252.40 before closing at 7234.55 . Today Nifty again traded in a range between our long and short levels and gave a second close above 7200 keeping hopes alive of testing 7300 and above by expiry .  As mentioned in our previous post  ' 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  '. We still have to trade and sustain above 7241 - 7257 spot levels for raising hopes of testing 7300 and above . Similarly breaking and sustaining below 7123 we may head lower till next support levels of 6855 - 6760 .

For today Nifty spot has resistance on the upside near 7249 - 7259 , sustaining above 7277 is required to test 7306 - 7320 levels . Similarly Nifty spot has support on the downside near 7220 - 7210, breaking and sustaining below 7192 we can test 7164 - 7150 levels.

Nifty Spot Levels for the day are

Long above 7280 for 7308 - 7340 - 7403

Short below 7189 for 7161 - 7129 - 7066

BANK NIFTY


Bank Nifty spot opened at 14331.20 and made a low of 14322.65 , then went up till 14467.15 before closing at 14384.80 .Today Bank Nifty triggered our level to go long but did not sustain above it but has given a consecutive close 14300 levels . As we have been mentioning in our posts  '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 '.  . We would now need Bank Nifty spot to break and sustain above 14629 to test higher levels till 14866 - 15010 . Today we were expecting to see some good move after a range bound movement on Friday but we saw a repeat of it today again .

Bank Nifty Spot Levels for the day are

Long above 14493 for 14560 – 14636 – 14842

Short below 14276 for 14210 – 14134 – 13927

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