Outlook for 17th February

NIFTY

Nifty spot opened at 7201.25 and made a high at 7204.65 , then went down till 7037.70 before closing at 7048.25 . Today Nifty triggered our short call and completed 2 targets giving nearly 80 points .  As mentioned in our previous post 'Now the next support comes near 6855 - 6760 which should be watched closely .We need to see 7120 getting reclaimed for building hopes of any short term revival' . If this range is held this week too then we may see a small pull back. Today we saw a quick decline once we started sustaining below 7120 . As mentioned yesterday too, we would need Nifty to break and sustain above 7191 to see further upmove this week above . 

For today Nifty spot has resistance on the upside near 7062 - 7073 , sustaining above 7090 is required to test 7118 - 7132 levels . Similarly Nifty spot has support on the downside near 7034 - 7024, breaking and sustaining below 7006 we can test 6978 - 6965 levels.

Nifty Spot Levels for the day are

Long above 7094 for 7122 - 7154 - 7217

Short below 7003 for 6975 - 6943 - 6879

BANK NIFTY

Bank Nifty spot opened at 14602.25 which was also the high for the day and then went down till 14136.80 before closing at 14166.45 .Today Bank Nifty gave a trade on the short side and completed 2 targets giving nearly 200 points . As mentioned in our previous post  'Now the next support comes near 13780 - 13550 which should be watched closely. We need to see 14440 getting reclaimed for building hopes of any short term revival '. If this range is held this week then we may see some pullback. Today we saw Bank Nifty open at 14602 but it could not sustain and as mentioned yesterday we would need Bank Nifty to break and sustain above 14556 spot to see further upmove this week.

Bank Nifty Spot Levels for the day are

Long above 14277 for 14345 – 14424 – 14579

Short below 14055 for 13988 – 13909 – 13754

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