Tuesday, 1 March 2016

Outlook for 02nd March

NIFTY


Nifty spot opened at 7038.25 , made a low at 7035.10 , then went up till 7235.50 before closing at 7222.30 . Today Nifty gave a trade on the long side and completed all our targets giving more than 60 points and those who would have used trailing stop loss would have got a lot more   As we have been mentioning in our previous post now this week 'We will have to trade and sustain above 7090 - 7097 spot levels for raising hopes of testing 7188 and above . Similarly breaking and sustaining below 6932 we may head lower till next support levels of 6855 - 6760' . Today we saw a quick upmove on breaking and sustaining above 7090 - 7097 range . It is after a long time that Nifty would have given nearly 250 points upmove in a day. Closing above 7200 would go well with bulls . Now we are approaching the resistance zone of 7252 - 7262 and one should watch for a valid breakout above 7286 range to confirm further upmove . 

For today Nifty spot has resistance on the upside near 7236 - 7247 , sustaining above 7265 is required to test 7293 - 7308 levels . Similarly Nifty spot has support on the downside near 7208 - 7198, breaking and sustaining below 7180 we can test 7152 - 7138 levels.

Nifty Spot Levels for the day are

Long above 7262 for 7286 - 7314 - 7370

Short below 7182 for 7158 - 7130 - 7075


BANK NIFTY


Bank Nifty spot opened at 14064.80 , which was also the low for the day , then moved up till 14445.70 before closing at 14412.90  .Today Bank Nifty  gave a trade on the long side and completed all targets giving more than 200 points and those who would have used trailing stop loss would have got a lot more. As we have been mentioning in our previous post now this week 'We will have to trade and sustain above 13668 - 13992 spot levels for raising hopes of testing 14205 and above . Similarly breaking and sustaining below 13375 we may head lower till next support levels of 12940 - 12825' .  Today we saw a good upmove on sustaining above 13992 levels. Closing above 14400 would go well with bulls as it has happened after 10 sessions . Now we are approaching the tough resistance zone of 14511 - 14647 and one should watch for a valid breakout above 14758 range to confirm further upmove.

Bank Nifty Spot Levels for the day are

Long above 14511 for 14572 – 14642 – 14781

Short below 14314 for 14253 – 14184 – 14045

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