Thursday, 4 May 2017

Nifty Spot Outlook for 05th May


Nifty spot  opened  at 9360.95, made a low of 9323.25, it went up till 9365.65 before closing at 9359.90. 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 today gave a entry to go long on the dip and then completed 2 long targets . Nifty also confirmed our weekly longs on closing above 9353 and sustaining above it we can expect a test of 9405 - 9418 now . We were expecting a bigger move today which came in Bank Nifty but Nifty was unable to give a bigger move .  Have been mentioning in the previous posts 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. Today we should have seen the range being broken with a strong move in Bank Nifty which didn't happen . We might see a follow up move tomorrow as long as Nifty sustains above 9353 spot levels now . Those who have entered weekly longs should keep a SL of 9319  

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. 

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 . Those who are holding longs should now move up their stoploss to 9319 spot 

For today if Nifty spot sustains above 9377 we can see a initial move on the upside till 9396 & on sustaining above 9401 we may see further move till 9434 . Similarly if Nifty spot sustains below 9342 we may see a initial move on the downside till 9324 & on sustaining below 9319 we may see a further move till 9286

Nifty Spot Levels for the day are

Long above 9377 for 9388 - 9401 - 9434 , SL 9355

Short below 9342 for 9332 - 9319 - 9286 , SL 9365

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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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