Outlook for 22nd February

NIFTY

Nifty spot opened at 7170.55 and made a low at 7145.95  , then went up till 7226.85 before closing at 7210.75 . Today Nifty traded in a range between our long and short levels and gave a weekly close above 7200 raising hopes of testing 7300 and above by expiry .  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' . Yesterday we had mentioned that Nifty can be shorted below 7145 and Nifty made a low at 7145.95 and did not trigger our short call and recovered to close above 7200 . As mentioned in our previous post  ' Nifty gave a close at 7191 and if today's closing is held tomorrow then we may see further upmove till 7241 - 7373  in the days ahead . Similarly closing below 7123 we may see lower levels again'. We still have to trade and sustain above 7241 - 7257 spot levels for raising hopes of testing 7300 and above .

For today Nifty spot has resistance on the upside near 7225 - 7236 , sustaining above 7253 is required to test 7282 - 7296 levels . Similarly Nifty spot has support on the downside near 7197 - 7186, breaking and sustaining below 7168 we can test 7140 - 7126 levels.

Nifty Spot Levels for the day are

Long above 7257 for 7285 - 7317 - 7382

Short below 7165 for 7137 - 7104 - 7040

BANK NIFTY

Bank Nifty spot opened at 14243.45 and made a low of 14207.35 , then went up till 14395.85 before closing at 14344.20 .Today Bank Nifty traded in a range between our long and short levels before closing above 14300 . 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 '.  . We would need Bank Nifty spot to break and sustain above 14690 to test higher levels till 14885 - 15010 . Today after a no trade day on Friday we might see some  good move .

Bank Nifty Spot Levels for the day are

Long above 14452 for 14518 – 14595 – 14746

Short below 14236 for 14170 – 14094 – 13942

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