Outlook for 29th February

NIFTY

Nifty spot opened at 7039.30 , made a low at 6985.10 , then went up till 7052.90 before closing at 7029.75 . Today Nifty gave a trade on the long side and completed nearly 2 targets on the long side . Those who would have taken the trade would have got 40 points . Now this week 'We will have to trade and sustain above 7090 - 7097 spot levels for raising hopes of testing 7188 and above . Similarly breaking and sustaining below 6932 we may head lower till next support levels of 6855 - 6760' . Today we have the Budget and high volatility can be expected . Today's move will also decide the trend for this week . All trades should be taken today with a strict stop loss and trailing stop losses should be used to secure profits once positions have been taken as wild swings may be witnessed today.

For today Nifty spot has resistance on the upside near 7044 - 7054 , sustaining above 7072 is required to test 7100 - 7114 levels . Similarly Nifty spot has support on the downside near 7016 - 7005, breaking and sustaining below 6988 we can test 6960 - 6946 levels.

Nifty Spot Levels for the day are

Long above 7059 for 7076 - 7097 - 7152

Short below 7001 for 6983 - 6963 - 6908

BANK NIFTY

Bank Nifty spot opened at 13715.15, went down till 13595.20 then moved up till 13889.25 before closing at 13791.40  .Today Bank Nifty gave a trade on the long side and completed more nearly all targets on the long side . Those who would have taken the trade would have got nearly 240 points .Now this week 'We will have to trade and sustain above 13668 - 13992 spot levels for raising hopes of testing 14205 and above . Similarly breaking and sustaining below 13375 we may head lower till next support levels of 12940 - 12825' .  For now Nifty has taken support near 13550 and bounced back as we were had previously. If we hold these levels we might see further upside this week . Today we have the Budget and high volatility can be expected . Today's move will also decide the trend for this week. All trades should be taken today with a strict stop loss and trailing stop losses should be used to secure profits once positions have been taken as wild swings may be witnessed today.

Bank Nifty Spot Levels for the day are

Long above 13867 for 13914 – 13968 – 14113

Short below 13715 for 13669 – 13615 – 13470

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