Tuesday, 22 March 2016

Outlook for 22nd March

NIFTY


Nifty spot opened at 7695.55, made a low at 7643.80 , went up till 7728.20 before closing at 7714.90 . Nifty today triggered a short call and completed 2 targets on the short side giving nearly 40 points . Then towards the end triggered a long call in the last half hour of today's session but closed below it . The confirmation for the next up move will come once we break and sustain above 7717 spot as mentioned in our previous post .  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 7730 - 7741 , sustaining above 7759 is required to test 7788 - 7803 levels . Similarly Nifty spot has support on the downside near 7700 - 7689, breaking and sustaining below 7671 we can test 7642 - 7627 levels.

Nifty Spot Levels for the day are

Long above 7736 for 7749 - 7764 - 7804

Short below 7694 for 7681 - 7666 - 7626


BANK NIFTY


Bank Nifty spot opened at 15930.40 ,made a low of 15779.15 ,then went up till 15967.85 before closing at 15936. Today Bank Nifty triggered our short call and completed 2 targets giving around 100 points and recovered towards the end to close again 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 . Yesterday we had mentioned that 'Those who are long should trail their stop loss to 15780 spot on closing basis' . Today Nifty made a low at 15779.15 and reversed from there. 

Bank Nifty Spot Levels for the day are

Long above 15980 for 16007 – 16038 – 16121

Short below 15892 for 15865 – 15834 – 15751


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