Monday, 7 March 2016

Outlook for 08th March

NIFTY


Nifty spot opened at 7505.40 , made a high at 7505.90 , then went down till 7444.10 before closing at 7485.35 . Nifty did not give a trade on either side and traded in a tight range . Nifty is trading above its 50 DEMA which is now at 7388 and is also trading above its support of 7396 - 7366 zone. We had mentioned previously 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 ' and we a saw a good move come last week . Those who are positionally long should keep closing basis stop loss at 7366 spot . Nifty may face resistance near 7558 - 7590 above 7530 .

For today Nifty spot has resistance on the upside near 7500 - 7511 , sustaining above 7529 is required to test 7558 - 7572 levels . Similarly Nifty spot has support on the downside near 7471 - 7460, breaking and sustaining below 7442 we can test 7413 - 7399 levels.

Nifty Spot Levels for the day are

Long above 7530 for 7558 - 7589 - 7652

Short below 7441 for 7413 - 7381 - 7318


BANK NIFTY


Bank Nifty spot opened at 15243.75 ,made a low of 15005.50 , then moved up till 15451.75 before closing at 15339.20 .Today Bank Nifty  gave mixed trades by triggering our short trade in the first half and took our trailing stoploss and then gave a long trade and completed 2 targets giving nearly 130 points . As we had mentioned previously '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' and we saw a good move come last week. Bank Nifty is trading above its 50 DEMA which is now at 15134 and is also trading above its support zone of 14758 - 14647 .Those who are positionally long should keep closing basis stop loss at 14990 spot . Bank Nifty may face resistance near 15645 - 15688  above 15555. 


Bank Nifty Spot Levels for the day are

Long above 15471 for 15553 – 15645 – 15832

Short below 15207 for 15125 – 15033 – 14846

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