Tuesday, 23 February 2016

Outlook for 24th February

NIFTY


Nifty spot opened at 7240.30 and made a high at 7241.70 , then went down till 7090.70 before closing at 7109.55 . Today Nifty gave a trade on the short side and completed more than 2 targets on the short side . Those who would have taken the trade would have got nearly 100 points . 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  '. As we had mentioned yesterday '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' . Today's close is not good for longs as sustaining below 7120 again tomorrow we can head much lower.

For today Nifty spot has resistance on the upside near 7124 - 7134 , sustaining above 7152 is required to test 7180 - 7194 levels . Similarly Nifty spot has support on the downside near 7096 - 7085, breaking and sustaining below 7067 we can test 7039 - 7025 levels.

Nifty Spot Levels for the day are

Long above 7155 for 7184 - 7216 - 7281

Short below 7064 for 7035 - 7003 - 6938

BANK NIFTY


Bank Nifty spot opened at 14373.30 which was also the high for the day , then went down till 13961.75 before closing at 14008.35 .Today Bank Nifty gave a trade on the short side and completed nearly 3 targets on the short side . Those who would have taken the trade would have got nearly 300 points .. 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 '.  After trading in a narrow range for the last 2 sessions today Bank Nifty finally broke it on the short side . We would now need Bank Nifty spot to break and sustain above 14629 to test higher levels till 14866 - 15010 . Tomorrow we may see testing of our supports if we sustain below today 's low.

Bank Nifty Spot Levels for the day are

Long above 14118 for 14185 – 14262 – 14416

Short below 13899 for 13832 – 13755 – 13546

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