Sunday, 28 May 2017

Nifty Spot Outlook for 29th May


Nifty spot  opened  at 9507.75 , made a low of 9495.40 and then made a high of 9604.90 before closing at 9595.10

Had mentioned that long positions for the day can be taken above 9536 and short positions for the day can be taken below 9484 . Nifty triggered our long trade and nearly completed all our long targets for the day missing our last target by 14 points . Nifty had already triggered our weekly long trade and completed 5 long targets for the week giving around 200+ points from weekly long trade . 

Now for this week Nifty Spot needs to break and sustain above 9667 for long confirmationthen we can expect a move till 9712 - 9743 initially and closing above 9763 we can expect the next move till 9828 - 9900 Similarly this week Nifty spot needs to break and sustain below 9523 for short confirmation, then we can expect a move till 9479 - 9447 initially and closing below 9428 we can expect a further move till 9362 - 9290. 

The geopolitical issues is what can cause some concern for longs as and when it escalates . Nifty has a strong support near 9355 - 9335 currently and bigger correction can be expected only on closing below this range . Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone and those who had taken longs last week with a cbsl of 9335 should look to book near these levels after seeing the price action . Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone . 

For today if Nifty spot sustains above 9622 we can see a initial move on the upside till 9651 & on sustaining above 9658 we may see further move till 9710 . Similarly if Nifty spot sustains below 9568 we may see a initial move on the downside till 9539 & on sustaining below 9532 we may see a further move till 9480

Nifty Spot Levels for the day are

Long above 9622 for 9639 - 9658 - 9710 , SL 9587

Short below 9568 for 9551 - 9532 - 9480 , SL 9604

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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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