Outlook for 03rd March

NIFTY

Nifty spot opened at 7321.70 , made a low at 7308.15 , then went up till 7380.35 before closing at 7368.85 . Today Nifty gave a trade on the long side and completed all our targets giving more than 60 points . As mentioned previously once Nifty broke out above 7090 - 7097 spot range we were expecting a good up move which came and we had also mentioned that 'Closing above 7200 would go well with bulls'  which got followed by a further up move of 150 points. We had mentioned that '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 ' . Nifty took out this resistance in a gap up and now we are very near to the 50 day EMA of 7380.50 which was tested with the day high and we would need to see if we can sustain above it today

For today Nifty spot has resistance on the upside near 7383 - 7394 , sustaining above 7412 is required to test 7441 - 7455 levels . Similarly Nifty spot has support on the downside near 7355 - 7344, breaking and sustaining below 7326 we can test 7297 - 7283 levels.

Nifty Spot Levels for the day are

Long above 7412 for 7438 - 7468 - 7529

Short below 7326 for 7300 - 7269 - 7209

BANK NIFTY

Bank Nifty spot opened at 14770.35 , made a low of 14767.30 , then moved up till 15138.70 before closing at 15092.45  .Today Bank Nifty  gave a trade on the long side and opened near our last target . As we had mentioned yesterday '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'.  Today we saw a gap up opening above 14758 and Bank Nifty went on to cross and close above 15000 . Only those who would have taken this trade would have benefited . Yesterday we had mentioned that 'Closing above 14400 would go well with bulls as it has happened after 10 sessions' . Bank Nifty today crossed its 50 day EMA of 15123.60 and has closed just below it and we would need to see if we sustain above it today.

Bank Nifty Spot Levels for the day are

Long above 15223 for 15303 – 15394 – 15578

Short below 14962 for 14882 – 14791 – 14607

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