Tuesday, 29 March 2016

Outlook for 30th March

NIFTY


Nifty spot opened at 7606.55 made a low at 7582.25 , went up till 7652.90 before closing at 7597 . After a big move yesterday today Nifty appeared undecided as it triggered both our long and short calls a couple of times but did not even give 20 points and triggered our stoploss . As long as we are trading below 7667 spot we can head lower till this expiry. As mentioned previously  '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'  . Now those who are holding shorts should keep 7667 spot as stoploss .

For today Nifty spot has resistance on the upside near 7612 - 7622 , sustaining above 7641 is required to test 7670 - 7684 levels . Similarly Nifty spot has support on the downside near 7582 - 7572 , breaking and sustaining below 7553 we can test 7525 - 7510 levels.

Nifty Spot Levels for the day are

Long above 7621 for 7636 - 7654 - 7700

Short below 7573 for 7558 - 7541 - 7494


BANK NIFTY


Bank Nifty spot opened at 15583.10 ,made a low of 15580.80 ,then went up till 15774.10 before closing at 15666.25. Today Bank Nifty triggered our long call and completed more than 2 targets giving around 100 points on the upside . As we had mentioned in our previous post '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'.  Those who are short should now keep a stoploss of 15822 spot . Today Bank Nifty has outperformed the Nifty and closed stronger else Nifty would have tested lower levels today .

Bank Nifty Spot Levels for the day are

Long above 15724 for 15760 – 15801 – 15912

Short below 15608 for 15572 – 15531 – 15421

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