29-02-2016 - Index views

Nifty :

Nifty has closed at 7055.15, a good & positive close at 1.20%. As stated yesterday, it never went below 6960 & after gap up it came down & then up and ultimately closed a bit up. This rollercoaster ride will continue with its volatility even on Monday. As we have stated, the whole globe is trading in green so being in an oversold zone, even we may be trading in the green a little. The levels, targets won’t change a lot. Like mentioned earlier, on the upper side, 7100 & 7240 is a stiff resistance. A close above that & we will discuss about further action. On the lower side 6980 / 6960 are the strong support zone. A close below those levels, we might see 6730 & 6560. As the very short term trend seems good, one may go long on Nifty with a strict closing basis Stop Loss of 6980, strictly.

Bank Nifty :

Bank Nifty closed at 13,848.80; we have mentioned yesterday that Bank Nifty needs to close above 13,900 for gaining any strength to go up. It closed at almost on the level. With a short term Stop Loss of 13,600 one may go long for the targets of 14,100 & 14,300 for short period of time. Please remember, this might prove as just a bounce & NOT a trend reversal, so be cautious on longs & trade long with a strict Stop Loss only to protect you, unless it gives a proper signal of a trend reversal by closing above 14,400 on a sustained basis for couple of days. Till then, trade with caution, keep strict Stop Loss & trade with levels mentioned.