Outlook for 17th March

NIFTY

Nifty spot opened at 7457.05, made a low at 7405.15 , went down till 7508 before closing at 7498.75 . Nifty today triggered a short call and completed nearly 2 targets on the short side giving around 30 points, then reversed from the days low and went up to trigger our long call and did one target on the long side too .We had mentioned in our previous post ' We repeat that those who are positionally long should watch breaking and sustaining below 7417 - 7396 spot zone to exit ' and today we took support in this zone . Those who would have used 7396 as SL and gone long here would have got nearly 100 points with a small Stoploss. We have been mentioning in our posts regularly that Nifty is trading above its support zone of 7396 - 7360 and on breaking below this we can test the next immediate supports near 7252 - 7242 levels. As mentioned previously ' Nifty may face resistance near 7558 - 7590 above 7530' . 

For today Nifty spot has resistance on the upside near 7513 - 7524 , sustaining above 7542 is required to test 7571 - 7586 levels . Similarly Nifty spot has support on the downside near 7484 - 7473, breaking and sustaining below 7456 we can test 7427 - 7412 levels.

Nifty Spot Levels for the day are

Long above 7518 for 7530 - 7544 - 7581

Short below 7479 for 7468 - 7454 - 7417

BANK NIFTY

Bank Nifty spot opened at 15304.35 ,made a low of 15178.30 ,then went up till 15489.50 before closing at 15461.70. Today Bank Nifty just triggered our short call and did 1 target and reversed triggered our long call and did 1 target giving nearly 60 points on each side .Bank Nifty has been trading stronger than Nifty this week to some extent .Today Bank Nifty has given the highest closing for this month and also gave a closing above its recent trading range of 14989 - 15452 . As mentioned yesterday 'We would need a valid breakout of 14900 - 15452 range to see a good move on either side now. ' and now we need to now see if we get a follow up move tomorrow.  Bank Nifty has support in the range of 14758 - 14647. Now for longs Bank Nifty spot should not break and sustain below 14900 spot .  

Bank Nifty Spot Levels for the day are

Long above 15506 for 15533 – 15564 – 15647

Short below 15418 for 15390 – 15360 – 15276

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