Sunday, 7 May 2017

Nifty Spot Outlook for 08th May


Nifty spot  opened  at 9374.55, made a high of 9377.10, it went down till 9272 before closing at 9285.30. Had mentioned that long positions for the day can be taken above 9377 and short positions for the day can be taken below 9342

Nifty triggered our short trade and completed all our targets for the day after touching our long trigger at opening giving around 60 points . Though Nifty had closed above our weekly long levels its was still unable to break above its immediate resistance zone of 9341 - 9386 which was being mentioned in all the previous posts and we had given a SL of 9319 for those who had taken weekly longs and it got taken . Had mentioned in the previous post too that " Those who are looking to go short near these levels should keep a strict cbsl of 9405 " and it has given nearly 100 points to swing traders . Nifty is currently trading in a smaller range of 9255 - 9385 and we are yet to see this range being broken . Nifty has a wider range of 9203 - 9405 for this month and we would need to see a break of this range with volumes for a bigger move .  

Now for this week Nifty Spot needs to break and sustain above 9340 for long confirmationthen we can expect a move till 9374 - 9398 initially and closing above 9412 we can expect the next move till 9462 - 9516 Similarly this week Nifty spot needs to break and sustain below 9231 for short confirmation, then we can expect a move till 9197 - 9173 initially and closing below 9159 we can expect a further move till 9109 - 9054. 

The geopolitical issues is what can cause some concern for longs as and when it escalates . Nifty has a strong support near 9242 - 9203 currently and further correction can be expected only on closing below this range . Those who are looking to go long on a further downmove this week should keep a strict cbsl of 9203 . Had given a cbsl for shorts at 9405 in the previous post and those who would have shorted with it should now move their stoploss to 9319 spot and look to book out if Nifty does not break and sustain below 9231. 

For today if Nifty spot sustains above 9306 we can see a initial move on the upside till 9328 & on sustaining above 9333 we may see further move till 9373 . Similarly if Nifty spot sustains below 9265 we may see a initial move on the downside till 9243 & on sustaining below 9237 we may see a further move till 9198

Nifty Spot Levels for the day are

Long above 9306 for 9319 - 9333 - 9373 , SL 9279

Short below 9265 for 9252 - 9237 - 9198 , SL 9292

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.

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