Wednesday, 31 May 2017

Nifty Spot Outlook for 01st Jun

NIFTY


Nifty spot  opened  at 9636.55 , made a low of 9609.25 and then made a new life time high of 9649.60 before closing at 9621.25 .

Had mentioned that long positions for the day can be taken above 9651 and short positions for the day can be taken below 9598 . Nifty traded the entire day between our long and short trigger range of 9598 - 9651 . 


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.  Nifty has in the last 3 sessions stayed within our long and short weekly confirmation levels of 9667 - 9523 and breaking beyond this range now should give a bigger move on either side. We should see a break of this range on either side if a bigger move has to come in the next 2 days of this week. 

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 or look to book now if Nifty is unable to break and sustain above 9650 - 9670 zone.


For today if Nifty spot sustains above 9644 we can see a initial move on the upside till 9667 & on sustaining above 9673 we may see further move till 9715 . Similarly if Nifty spot sustains below 9599 we may see a initial move on the downside till 9576 & on sustaining below 9570 we may see a further move till 9527


Nifty Spot Levels for the day are

Long above 9644 for 9657 - 9673 - 9715 , SL 9614

Short below 9599 for 9585 - 9570 - 9527 , SL 9628

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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.