Outlook for 09th March

NIFTY

Nifty spot opened at 7486.40 , made a high at 7527.15 , then went down till 7442.15 before closing at 7485.30 . Nifty once again did not give a trade on either side and traded in a tight range . Nifty is trading above its 50 DEMA which is now at 7388 and is also trading above its support of 7396 - 7366 zone. We had mentioned previously that 'Now we are approaching the resistance zone of 7252 - 7262 and one should watch for a valid breakout above 7286 range to confirm further upmove ' and we a saw a good move come last week . Those who are positionally long should keep closing basis stop loss at 7366 spot . Nifty may face resistance near 7558 - 7590 above 7530 . Today's open and close is nearly same and also today's close is same as previous day indicating indecisiveness . Currently Nifty is now trading in a range of 7440 - 7530 and breaking and sustaining on either side should give a good move in that direction.

For today Nifty spot has resistance on the upside near 7500 - 7511 , sustaining above 7529 is required to test 7558 - 7572 levels . Similarly Nifty spot has support on the downside near 7471 - 7460, breaking and sustaining below 7442 we can test 7413 - 7399 levels.

Nifty Spot Levels for the day are

Long above 7525 for 7550 - 7578 - 7634

Short below 7446 for 7421 - 7393 - 7337

BANK NIFTY

Bank Nifty spot opened at 15323.45 ,made a high of 15326.65 ,then went down till 15066.50 before closing at 15146.50 .Today Bank gave a short trade and did nearly 2 targets giving close to 140 points . As we had mentioned previously 'Now we are approaching the tough resistance zone of 14511 - 14647 and one should watch for a valid breakout above 14758 range to confirm further upmove' and we saw a good move come last week. Today Bank Nifty managed to hold on to its 50 DEMA which is now at 15134 and gave a 3rd consecutive close above it . Bank Nifty is also trading above its support zone of 14758 - 14647 .Those who are positionally long should keep closing basis stop loss at 14990 spot as mentioned before . Bank Nifty may face resistance near 15645 - 15688  above 15555.  Currently Bank Nifty is trading in a range of 15000 - 15452 and breaking and sustaining on either side should give a good move in that direction.

Bank Nifty Spot Levels for the day are

Long above 15265 for 15339 – 15423 – 15650

Short below 15028 for 14954 – 14870 – 14643

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