11-02-2016 - Index views

Nifty :

            Nifty closed at 7246.55. As suggested, below 7370, Nifty went further down & made a low of 7194. Weakness is prominent. But a pattern is in a process, if Nifty opens above 7295 and without breaking this level if it sustains the up move, a relief rally is expected. If this up move does not takes place then in that case further lower levels can be seen below 7220, on closing basis, & it may drag Nifty down to even 7000 levels. We expect Nifty to bounce if the above mentioned  pattern works out, else be ready to sell again if level permits. StopLoss is must.

BankNifty :

                        BankNifty closed at 14,643.30, a negative close. As stated yesterday, it gave a drastic fall & touched 14,531. Final hope is at 14,400. Break & close below which, can lead to further down move of 500 / 1000 points appx. In case of any up move like Nifty, even BankNifty may go up but for that it has to sustain & trade above 14,800. The upper targets can be set at 15,100 & 15,300. One can keep these levels handy and trade with these levels with StopLoss of course. As per the move, one should keep the other side level as StopLoss & trade. ( StopLoss are in bold )