23-02-2016 - Index views

Nifty :

Nifty has closed at 7240.70, flat to slightly up. Nifty closed at exact resistance levels of 7240 as we have mentioned in previous report / post ( 7230 / 7240 ). Fair chances are there of Nifty going upward for the targets of 7300 & 7370/7400. Stop Loss is at 7100 as stated earlier. First weakness will emerge only below the close of 7100. Till then a small rally is expected. For the time being, huge movement is not expected and Nifty seems range bound to positive. In any side more than 150 / 200 points movement is not expected. 7370 is the upper band & 6980 is the lower band. Close below / above these levels will create momentum.

Bank Nifty :

Bank Nifty closed at 14,395.70, even Bank Nifty has given almost flat  to positive close. As per previous report / post, 14,400 was the first target & that is achieved, during the rally & momentum, 14,600 is also appearing. 14,800 is a probable target but it seems very far as of now. One may have to think of 14,100 as a Stop Loss & 14,600 as a small, short term target. Close above this, will create momentum towards 14,800 also. This small rally kind of sentiment can be punctured only if Bank Nifty closes below 14,100 / 14,000. Till then enjoy the rally & trade safe.

22-02-2016 - Index views

Nifty :

Nifty has closed at 7212.45, flat to slightly up. Again today, it tried successfully to cross 7230; it made a high of 7236.90 & closed slightly lower than high made today. The way Nifty moved today, even after touching a low of 7151, it seems that it may touch the upper region of 7300 & 7370 again. It did a remarkable recovery from the lower point of the day, but the close is a concern yet. Unless it closes well above 7230 / 7240, an up move is not expected. As stated earlier, 7100 is a strong support for short term. Cross & a sustained trade of Nifty below 7100, can drag Nifty down again to the support zone of 6980.

Bank Nifty :

Bank Nifty closed at 14,358.90, even Bank Nifty has given almost 1 % move. we have mentioned about the resistance / targets of 14,250 / 14,300. And it almost closed at around the resistance of 14,300. Another close above 14,300 might take Bank Nifty to 14,400, 14,600 & even 14,800 also. These are the possibilities & levels which one may keep handy for trading. Stop Loss is at 14,100 on closing basis. 14,800 is a very stiff resistance and further levels & strategy will be posted once we break any significant level on closing basis. Trade well, trade safe.

19-02-2016 - Index views

Nifty :

Nifty has closed at 7190.85, even today 1% up. As we are posting since few days, it did try to reach the second target of 7230. It made a high of 7225. We have already said that closing above 7230 is a must for a good up move. if it trades & sustains above 7230, we may expect 7300 & 7370 kind of levels. 7370 is a very stiff resistance for the time being. And as mentioned, 6980 is a support. Resistance & support, both the areas are bound to interrupt the move. One may trade according to these levels handy. Further levels will be discussed here after a significant move.

Bank Nifty :

Bank Nifty closed at 14,289.80, even Bank Nifty has given almost 1 % move. we have mentioned about the resistance / targets of 14,250 / 14,300. And it almost closed at around the resistance of 14,300. An another close above 14,300 might take Bank Nifty to 14,400, 14,600 & even 14,800 also. These are the possibilities & levels which one may keep handy for trading. Stop Loss is at 14,100 on closing basis. 14,800 is a very stiff resistance and further levels & strategy will be posted once we break any significant level on closing basis. Trade well, trade safe.

18-02-2016 - Index views

Nifty :

Nifty has closed at 7120.90, almost 1% up. Though the trend is weak, we have mentioned that a small & interim support of 6980 is lying there. Nifty has taken a support from there and bounced a bit. Since it has closed above 7100 as per previous report / post, we may expect the higher levels of 7200 / 7230 around levels. Further course of action will be decided if we cross 7200 successfully. For the lower side, we have already mentioned the support of 6980 for short term. One may trade the index by keeping these levels handy.

BankNifty :

Bank Nifty closed at 14,164, a flat to slightly positive close. Generally Bank Nifty outperforms Nifty, and now expected to move faster than Nifty. 14,250 / 14,300 is a small resistance, a sustained trade above these levels may take Bank Nifty towards higher levels like 14,400 / 14,600 & finally even 14,800 also can be seen if it sustains at least 14,400 on closing basis. On the lower side if it closes below 14,100 than the things will become difficult for bulls in Bank Nifty. One may keep these levels in mind while trading. Trade safely.

17-02-2016 - Index views

Nifty :

Nifty closed at 7054.10. Nifty closed down 1.50% today. As mentioned yesterday, it tried to reach the second target of 7230 but just made a high of 7208 and came down. Already stated that the trend is very weak & this is just a CORRECTIVE rally which fizzled out today. 7100 was a level to go short or exit longs at least as mentioned in yesterday’s report / post. The pattern today clearly suggests that down move will continue. Break & sustained trade below 7040 / 7030 might take Nifty to the recent lows & further down also. We have a very small interim support at 6980. Any bounce which sustains above 7100 may take Nifty to 7200. In case of down move continues, one may sell Nifty with Stop Loss of 7100.

Bank Nifty :

Bank Nifty closed at 14,140.70, a full 2.0 % down. Like Nifty, even Bank Nifty achieved the first target of 14,600 almost and came down. All the gains of yesterday were given back and continued the weak trading with a down move. it closed exactly at around the support. Break & sustained trade below 14,100 might take Bank Nifty not only to recent lows but towards further down side also. As mentioned earlier, 14,400 is a crucial level for any up move to take place. And below 14,100 the downward momentum will take the charge. Keep these levels in mind and trade according to these levels. Trade safely.