NIFTY
Nifty spot opened at 7075 , made a high at 7090.80 , it went down till 7009.75 towards the end before closing at 7018.70 . Today Nifty gave a trade on the short side and completed nearly 2 targets on the short side . Those who would have taken the trade would have got nearly 54 points . As mentioned this week in our previous posts 'We still have to trade and sustain above 7241 - 7257 spot levels for raising hopes of testing 7300 and above . Similarly breaking and sustaining below 7123 we may head lower till next support levels of 6855 - 6760' . We were expecting lower levels as the previous close was below 7120 and we saw Nifty being unable to even test 7100 .
For today Nifty spot has resistance on the upside near 7033 - 7043 , sustaining above 7061 is required to test 7089 - 7103 levels . Similarly Nifty spot has support on the downside near 7005 - 6994, breaking and sustaining below 6976 we can test 6949 - 6935 levels.
Nifty Spot Levels for the day are
Long above 7055 for 7077 - 7102 - 7153
Short below 6982 for 6961 - 6935 - 6885
Today is the expiry day for Feb series and we are expecting the following range
Upper Range 7103
Lower Range 6934
BANK NIFTY
Bank Nifty spot opened at 13873.70 , made a low at 13760.25 , then went up till 13974.50 before closing at 13794.05 .Today Bank Nifty gave a trade on the short side and completed nearly 2 targets on the short side . Those who would have taken the trade would have got nearly 130 points .. As we have been mentioning in our posts '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 had mentioned in our previous post 'Tomorrow we may see testing of our supports if we sustain below today's low' . Today we saw a low of 13760.25 and it held when Nifty made a lower low towards the end of session .
Bank Nifty Spot Levels for the day are
Long above 13884 for 13939– 14002 – 14129
Short below 13704 for 13649 – 13586 – 13459
Today is the expiry day for Feb series and we are expecting the following range
Upper Range 14028
Lower Range 13559
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Disclaimer : These are my personal views and trades taken on them should be done with a strict Stop loss
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