Wednesday, 3 May 2017

Nifty Spot Outlook for 04th May


Nifty spot  opened  at 9344.70, made a high of 9346.30, it went down till 9298.40 before closing at 9311.95. Had mentioned that long positions for the day can be taken above 9331 and short positions for the day can be taken below 9297

Nifty opened above our first long target and reversed without giving a good opportunity to enter and also took our SL for the day. Nifty then corrected and missed triggering our short trade by 1 point . Overall it was a narrow trading range today and we should see a bigger move now .  Have been mentioning in the previous post that " Nifty has its next immediate resistance near 9341 - 9386 levels " and Nifty has been taking resistance in this range so far . Those who are looking to go short near these levels should keep a strict cbsl of 9405 . Nifty is currently trading in a smaller range of 9255 - 9385.  

Now for this week Nifty Spot needs to break and sustain above 9353 for long confirmationthen we can expect a move till 9383 - 9405 initially and closing above 9418 we can expect the next move till 9462 - 9511 Similarly this week Nifty spot needs to break and sustain below 9255 for short confirmation, then we can expect a move till 9225 - 9203 initially and closing below 9190 we can expect a further move till 9146 - 9097. Had mentioned previously "Nifty has been currently in a trading range of 9071 - 9277 so far in April month and we need to see a breakout with volumes on either side for a trending move" and we saw Nifty breakout on the upside and give a 90 point move till now .

We saw a move of nearly 90 points in Nifty after sustaining / closing above our monthly long confirmation level in April . 

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 short on a further upmove this week should keep a strict cbsl of 9405 . 

For today if Nifty spot sustains above 9329 we can see a initial move on the upside till 9347 & on sustaining above 9352 we may see further move till 9385 . Similarly if Nifty spot sustains below 9295 we may see a initial move on the downside till 9277 & on sustaining below 9272 we may see a further move till 9239

Nifty Spot Levels for the day are

Long above 9329 for 9340 - 9352 - 9385 , SL 9307

Short below 9295 for 9284 - 9272 - 9239 , SL 9317

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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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