Thursday, 10 March 2016

Outlook for 10th March

NIFTY


Nifty spot opened at 7436.10 , made a low at 7424.30  , then went up till 7539 before closing at 7531.80 . Nifty triggered a sell call by opening below our go short level but did not sustain and recovered  . Those who would have taken a short trade might have triggered their trailing stop loss. We had mentioned yesterday 'Today's open and close is nearly same and also today's close is same as previous day indicating indecisiveness' and today we saw both short and long trades getting triggered . Nifty went on towards the end to trigger a long trade and closed just above it at 7531 . We had mentioned yesterday that 'Currently Nifty is now trading in a range of 7440 - 7530 and breaking and sustaining on either side should give a good move in that direction' and today nifty broke both the range, one at the start of day and one at the end supporting our view of indecisiveness. As mentioned yesterday ' Nifty may face resistance near 7558 - 7590 above 7530' . Nifty is trading above its 50 DEMA which is now at 7397 and is also trading above its support of 7396 - 7366 zone. Breaking below these levels we can test the next support levels at 7252 - 7262 . Those who are positionally long should keep closing basis stop loss at 7396 spot now . 

For today Nifty spot has resistance on the upside near 7546 - 7557 , sustaining above 7575 is required to test 7604 - 7619 levels . Similarly Nifty spot has support on the downside near 7517 - 7507, breaking and sustaining below 7488 we can test 7460 - 7445 levels.

Nifty Spot Levels for the day are

Long above 7567 for 7589 - 7614 - 7663

Short below 7496 for 7475 - 7450 - 7400


BANK NIFTY


Bank Nifty spot opened at 15022.45 ,made a low of 14989.40 ,then went up till 15331.25 before closing at 15279.05 .Today Bank gave a short trade and took our trailing stop loss and then recovered to trigger our long trade and missed our first target. 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. Today Bank Nifty broke its 50 DEMA for the second consecutive day and has managed to close it which is now at 15140. Bank Nifty is also trading above its support zone of 14758 - 14647 . We have been mentioning since a few days 'Those who are positionally long should keep closing basis stop loss at 14990 spot' and today we saw Nifty make a low of 14989.40 and reverse . Bank Nifty may face resistance near 15645 - 15688  above 15555.  Currently Bank Nifty is trading in a range of 15000 - 15452 and breaking and sustaining on either side should give a good move in that direction. We should see a clear break of this range in a day now.


Bank Nifty Spot Levels for the day are

Long above 15388 for 15456 – 15533 – 15687

Short below 15170 for 15102 – 15025 – 14871

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