Tuesday, 2 May 2017

Nifty Spot Outlook for 03rd May

NIFTY


Nifty spot  opened  at 9339.85, made a high of 9352.55, it went down till 9269.90 before closing at 9313.80. Had mentioned that long positions for the day can be taken above 9323 and short positions for the day can be taken below 9286

Nifty initially triggered our long trade and completed 2 targets and took our TSL . It then triggered our short trade and completed 1 target and took our TSL . 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 . Today again Nifty took resistance in the same range 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 - 9353 .  


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 9331 we can see a initial move on the upside till 9349 & on sustaining above 9354 we may see further move till 9386 . Similarly if Nifty spot sustains below 9297 we may see a initial move on the downside till 9279 & on sustaining below 9274 we may see a further move till 9241


Nifty Spot Levels for the day are

Long above 9331 for 9342 - 9354 - 9386 , SL 9309

Short below 9297 for 9286 - 9274 - 9241 , SL 9319

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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.