Tuesday, 15 March 2016

Outlook for 15th March

NIFTY


Nifty spot opened at 7542.60, made a high at 7583.70  , went down till 7515.05 before closing at 7538.75 . Nifty today triggered a long call and completed nearly 2 target on the long side giving 35 points  As mentioned previously ' Nifty may face resistance near 7558 - 7590 above 7530' . Today again Nifty took resistance at 7583.70 but managed to give a close at the highest level for the month of March  . Currently Nifty is trading above its support of 7396 - 7360 zone . Breaking below these levels we can test the next support levels at 7252 - 7242 . Those who are positionally long should watch breaking and sustaining below 7417 - 7396 spot zone to exit .

For today Nifty spot has resistance on the upside near 7553 - 7564 , sustaining above 7582 is required to test 7611 - 7626 levels . Similarly Nifty spot has support on the downside near 7524 - 7513, breaking and sustaining below 7495 we can test 7467 - 7452 levels.

Nifty Spot Levels for the day are

Long above 7572 for 7592 - 7615 - 7661

Short below 7506 for 7486 - 7463 - 7416


BANK NIFTY


Bank Nifty spot opened at 15309 ,made a high of 15416.15 ,then went down till 15220.15 before closing at 15277.80.Today Bank gave a long trade and competed two targets giving close to 140  points. Bank Nifty again traded in the range of 14989 - 15452 in which it traded the entire previous week and did not even test 15452 which was the high made on 04th March inspite of Nifty making a new high today again for this month .Today Bank Nifty has traded above its 50 DEMA the whole day and also closed well above it . Bank Nifty has support in the range of 14758 - 14647. Now for longs Nifty spot should not break and sustain below 14900 spot .  We would need a valid breakout of 14900 - 15452 range to see a good move on either side now .

Bank Nifty Spot Levels for the day are

Long above 15380 for 15443 – 15515 – 15659

Short below 15175 for 15113 – 15040 – 14896

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