Sunday, 3 April 2016

Outlook for 04th April

NIFTY


Nifty spot opened at 7718.05 made a high at 7740.15 , went down till 7666.10 before closing at 7713.05 . Was unable to post levels for the past couple of days due to net connectivity issues. We had last mentioned that nifty needs to sustain below 7667 spot to head lower , but we saw Nifty take support near out next support level of 7597 for last week and bounce back above 7700 . Now this week we need Nifty to break and sustain above 7768 - 7785 spot and a valid breakout of this range is required to test 7840 - 7880 range initially .

For today Nifty spot has resistance on the upside near 7728 - 7739 , sustaining above 7757 is required to test 7786 - 7801 levels . Similarly Nifty spot has support on the downside near 7698 - 7687 , breaking and sustaining below 7669 we can test 7640 - 7625 levels.

Nifty Spot Levels for the day are

Long above 7740 for 7757 - 7776 - 7828

Short below 7686 for 7669 - 7650 - 7598


BANK NIFTY


Bank Nifty spot opened at 16099.65 ,made a low of 16020.60 ,then went up till 16235.80 before closing at 16174.90.  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 long should now keep a closing basis stoploss of 15965  spot . Bank Nifty has been performing better than the Nifty last week and we have the RBI policy on 05th April and the market has been moving positively on expectations of a rate cut . The further course of movement would be dependent on the outcome of RBI policy.

Bank Nifty Spot Levels for the day are

Long above 16254 for 16302 – 16358 – 16508

Short below 16096 for 16047 – 15992 – 15841

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