Sunday, 27 March 2016

Outlook for 28th March

NIFTY


Nifty spot opened at 7717.45, made a low at 7670.60 , went up till 7726.85 before closing at 7716.50 . Nifty today triggered a short call and completed nearly 2 targets on the short side giving around 24 points .  The confirmation for the next up move will come once we break and sustain above 7717 spot as mentioned in our previous posts .  Today Nifty gave a close at 7716.50 nearly on the same level . Those who are long should now trail their stop loss to 7650 spot on closing basis. Now Nifty is approaching its next resistance zone of 7748 - 7768 spot and a valid breakout of this level is required to test 7800 and above . 

For today Nifty spot has resistance on the upside near 7731 - 7742 , sustaining above 7760 is required to test 7790 - 7805 levels . Similarly Nifty spot has support on the downside near 7702 - 7691, breaking and sustaining below 7673 we can test 7643 - 7629 levels.

Nifty Spot Levels for the day are

Long above 7736 for 7748 - 7761 - 7798

Short below 7697 for 7685 - 7672 - 7635


BANK NIFTY


Bank Nifty spot opened at 15884.25 ,made a low of 15799.95 ,then went up till 15919.60 before closing at 15887.75. Today Bank Nifty triggered our short call and completed 2 targets giving around 90 points . Now Bank Nifty is approaching its resistance levels of 15954 - 15995 spot and a valid breakout of these levels is required to test 16020 and above.  In our previous posts we had mentioned that 'Those who are long should trail their stop loss to 15780 spot on closing basis' .Nifty once again made a low at 15799.95 and reversed from there. 

Bank Nifty Spot Levels for the day are

Long above 15928 for 15953 – 15982 – 16059

Short below 15847 for 15822 – 15794 – 15717


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