Monday, 28 March 2016

Outlook for 29th March

NIFTY


Nifty spot opened at 7741 made a high at 7749.40 , went down till 7587.70 before closing at 7615.10 . Nifty today triggered a short call and completed all targets on the short side giving around 100 points .  Yesterday we had mentioned that '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'  . Today Nifty reversed from 7749.40 itself and those who would have remembered this and taken shorts here with 7770 as SL would have got additional 50 points. We had asked longs to keep a SL of 7650 spot which has been broken today. Now we need a follow up move downwards to confirm top is done for this month 

For today Nifty spot has resistance on the upside near 7630 - 7641 , sustaining above 7659 is required to test 7688 - 7703 levels . Similarly Nifty spot has support on the downside near 7601 - 7590 , breaking and sustaining below 7572 we can test 7543 - 7528 levels.

Nifty Spot Levels for the day are

Long above 7639 for 7654 - 7671 - 7718

Short below 7591 for 7576 - 7559 - 7512


BANK NIFTY


Bank Nifty spot opened at 15867.75 ,made a high of 15890.70 ,then went down till 15522.20 before closing at 15604.90. Today Bank Nifty triggered our short call and completed all targets and did more giving around 300 points on the downside with trailing stoploss. Yesterday we had mentioned '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'.  We had asked longs to keep a stop loss of 15780 spot on closing basis which has been broken today . Now we need a follow up move downwards to confirm top is done for this month .

Bank Nifty Spot Levels for the day are

Long above 15663 for 15699 – 15741 – 15852

Short below 15547 for 15511 – 15469 – 15358


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