Tuesday, 22 March 2016

Outlook for 22nd March

NIFTY


Nifty spot opened at 7619.20, made a low at 7617.70 , went up till 7713.55 before closing at 7704.25 . Nifty today opened gap up and triggered a long call as per our weekly long level at 7634 and completed all 3 initial targets for the week giving more than 80 points and closed at 7704, sustaining above which we can being the next round of up move for this week till 7810 spot . The confirmation for the next move will come once we break and sustain above 7717 spot . We had been mentioning in our previous post We repeat that those who are positionally long should watch breaking and sustaining below 7417 - 7396 spot zone to exit '  .  Those who are long should now trail their stop loss to 7650 spot on closing basis. We have been mentioning in our posts regularly that Nifty needed to break the resistance zone of 7558 - 7590 to give a decisive move and we saw a good move and close above 7600 and 7700 in 2 trading days once it broke above it .

For today Nifty spot has resistance on the upside near 7719 - 7730 , sustaining above 7748 is required to test 7778 - 7792 levels . Similarly Nifty spot has support on the downside near 7690 - 7679, breaking and sustaining below 7660 we can test 7631 - 7617 levels.

Nifty Spot Levels for the day are

Long above 7725 for 7738 - 7753 - 7794

Short below 7683 for 7670 - 7655 - 7615


BANK NIFTY


Bank Nifty spot opened at 15735.55 ,which was also the low of the day ,then went up till 15945.80 before closing at 15926.10. Today Bank Nifty triggered our weekly long call and completed all 3 initial targets for the week giving more than 200 points and close just above 15911 sustaining above which we can begin the next round of up move for this week till 16182 spot .  As mentioned previously 'We would need a valid breakout of 14900 - 15452 range to see a good move on either side now. '  and we saw a good move of nearly 500 points once we broke the range . Those who are long should trail their stop loss to 15780 spot on closing basis .

Bank Nifty Spot Levels for the day are

Long above 15969 for 15996 – 16027 – 16110

Short below 15882 for 15856 – 15825 – 15742


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