Wednesday, 16 March 2016

Outlook for 16th March

NIFTY


Nifty spot opened at 7535.85, made a high at 7545.20  , went down till 7452.80 before closing at 7460.60 . Nifty today triggered a short call and completed 2 target on the short side giving 50 points  As mentioned previously ' Nifty may face resistance near 7558 - 7590 above 7530' . Today again Nifty took resistance at 7545.20 and also gave the lowest close in the last 8 trading sessions .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 .We repeat that 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 7475 - 7486 , sustaining above 7504 is required to test 7533 - 7547 levels . Similarly Nifty spot has support on the downside near 7446 - 7435, breaking and sustaining below 7417 we can test 7389 - 7374 levels.

Nifty Spot Levels for the day are

Long above 7486 for 7501 - 7519 - 7555

Short below 7435 for 7420 - 7402 - 7366


BANK NIFTY


Bank Nifty spot opened at 15310.45 ,made a high of 15386.85 ,then went down till 15268.10 before closing at 15326.80. Today Bank Nifty just triggered our long call and reversed and traded nearly flat the whole day. Today we saw Bank Nifty holding strong and closing in mild green up by 49 points inspite of Nifty closing near the days low and with a loss of 78 points . Bank Nifty continues trading in the range of 14989 - 15452 in which it has traded the entire previous week and is yet to even test 15452 which was the high made on 04th March . Bank Nifty has support in the range of 14758 - 14647. Now for longs Bank 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 15418 for 15474 – 15539 – 15668

Short below 15235 for 15179 – 15115 – 14986

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