Tuesday, 2 May 2017

Nifty Spot Outlook for 02nd May

NIFTY


Nifty spot  opened  at 9340.95, made a high of 9342.65, it went down till 9282.25 before closing at 9304.05. Had mentioned that long positions for the day can be taken above 9360 and short positions for the day can be taken below 9325

Nifty triggered our short trade and missed our last target by 14 points and took our TSL  . Nifty had completed all our weekly long targets in the previous sessions . Nifty gave a 90 point move after breaking above our monthly long confirmation level.   We had got a good chance to go long with our cbsl at 9071 for April, a small sl of 15 point and we got a upmove of nearly 275+ points from there . Have been mentioning in the previous post that " Nifty has its next immediate resistance near 9341 - 9386 levels " and we saw a high of 9367.15 made within the range . Those who are looking to go short near these levels should keep a strict cbsl of 9405 . 


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 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 9323 we can see a initial move on the upside till 9342 & on sustaining above 9347 we may see further move till 9382 . Similarly if Nifty spot sustains below 9286 we may see a initial move on the downside till 9266 & on sustaining below 9261 we may see a further move till 9226


Nifty Spot Levels for the day are

Long above 9323 for 9334 - 9347 - 9382 , SL 9298

Short below 9286 for 9274 - 9261 - 9226 , SL 9310

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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.