Monday, 29 May 2017

Nifty Spot Outlook for 30th May


Nifty spot  opened  at 9560.05 , made a low of 9547.70 and then made a high of 9637.75 before closing at 9604.90 which is a first time closing above 9600 . 

Had mentioned that long positions for the day can be taken above 9622 and short positions for the day can be taken below 9568 . Nifty initially triggered our short trade and completed 1 target before taking our TSL  . It then triggered our long trade but failed to complete any target , missing our 1st target by 1 point . In short Nifty traded in a very narrow range consolidating after the big moves seen in the previous session. 

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.  Today Nifty stayed within our long and short confirmation levels of 9667 - 9523 and breaking beyond this range tomorrow should give a bigger move on either side.

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 . Those who had entered longs last week with the cbsl of 9335 and have not yet booked should now move up their trailing cbsl to 9540 .

For today if Nifty spot sustains above 9631 we can see a initial move on the upside till 9659 & on sustaining above 9666 we may see further move till 9717 . Similarly if Nifty spot sustains below 9579 we may see a initial move on the downside till 9551 & on sustaining below 9544 we may see a further move till 9493

Nifty Spot Levels for the day are

Long above 9631 for 9648 - 9666 - 9717 , SL 9597

Short below 9579 for 9562 - 9544 - 9493 , SL 9613

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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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