Wednesday, 10 May 2017

Nifty Spot Outlook for 11th May


Nifty spot  opened  at 9339.65, made a low of 9336 and made a low of 9414.75 before closing at 9407.30 .

Had mentioned that long positions for the day can be taken above 9331 and short positions for the day can be taken below 9303 . Nifty triggered our long trade and completed all our daily targets . Today Nifty also confirmed our weekly longs and completed 4 targets giving us nearly 90 points from the weekly long trade .  

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. Nifty today confirmed our weekly longs closed just 5 points below our level to stay long for further upmove . If Nifty sustains above 9412 tomorrow then we can expect a test 9462 - 9516  next .  Had mentioned in the previous post " After trading in a narrow range for the last sessions Nifty should give a breakout of the range in the next 2 sessions " and Nifty broke out today on the upside  .

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 long should now move their stoploss to 9367 spot .  Had given a cbsl for shorts at 9405 in the previous posts and had asked those who would have shorted with it to move their stoploss to 9319 spot  and it had got taken. 

For today if Nifty spot sustains above 9425 we can see a initial move on the upside till 9443 & on sustaining above 9448 we may see further move till 9481. Similarly if Nifty spot sustains below 9390 we may see a initial move on the downside till 9372 & on sustaining below 9367 we may see a further move till 9334

Nifty Spot Levels for the day are

Long above 9425 for 9435 - 9448 - 9481 , SL 9402

Short below 9390 for 9379 - 9367 - 9334 , SL 9413

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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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