Monday, 8 February 2016

Outlook for 09th February


Nifty spot opened at 7489.70 and made a high at 7512.55 , then went down till 7363.20 before closing at 7387.25 . Today Nifty give a good trade on the short side and completed all targets giving nearly 77 points . We were expecting Nifty to take resistance near 7527 spot and had mentioned that breaking of 7470 will make Nifty weak and we saw 7400 breaking today and also got a close below it . Nifty spot has a support now near 7325 and breaking and sustaining below it we can see a test 7257 - 7241 spot . 

For today Nifty spot has resistance on the upside near 7402 - 7413 , sustaining above 7430 is required to test 7459 - 7473 levels . Similarly Nifty spot has support on the downside near 7373 - 7362, breaking and sustaining below 7344 we can test 7316 - 7302 levels.

Nifty Spot Levels for the day are

Long above 7418 for 7438 - 7460 - 7519

Short below 7356 for 7337 - 7315 - 7255


Bank Nifty spot opened at 15206.30 and made a high at 15367.90, then went down till 14960.10 before closing at 15046.80. Today at opening Bank Nifty gave one trade on the long side and completed more than 2 targets and took our trailing SL giving us nearly 100 points . Then in the second half Bank Nifty gave a trade on the short side and completed more than 2 targets on the short side giving us nearly 100 points again  . Today Bank Nifty out performed the Nifty to a great extent . Bank Nifty also managed to give a adjusted close above 15000 levels . We had mentioned in our previous post that  'Bank Nifty is having some resistance at 15320 - 15340 spot and sustaining above it is required to move higher'
and we saw Bank Nifty reverse from near 15368  today. Bank Nifty spot has support near 14750 and it would be needed to see if it holds .

Bank Nifty Spot Levels for the day are

Long above 15113 for 15154 – 15201 – 15327

Short below 14980 for 14940 – 14895 – 14765

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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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