Thursday, 11 May 2017

Nifty Spot Outlook for 12th May

NIFTY


Nifty spot  opened  at 9448.60, made a high of 9450.65 and made a low of 9411.30 before closing at 9422.40 

Had mentioned that long positions for the day can be taken above 9425 and short positions for the day can be taken below 9390 . Nifty opened at our 2nd long target for the day and did not give any chance for a fresh trade . Nifty had confirmed our weekly longs in the previous session and those who would have carried over their long positions would have got a decent gain . Nifty missed our 2nd last target for the week by 12 points . So far Nifry has given 125+ points after triggering our weekly longs .  


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 has closed above our weekly level to stay long and those who are holding longs should move up their SL to 9398 spot now . Had mentioned in the previous post  " If Nifty sustains above 9412 tomorrow then we can expect a test 9462 - 9516  next " and we saw Nifty make a high of 9450 .  


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 9398 spot .   


For today if Nifty spot sustains above 9440 we can see a initial move on the upside till 9458 & on sustaining above 9462 we may see further move till 9495. Similarly if Nifty spot sustains below 9405 we may see a initial move on the downside till 9387 & on sustaining below 9382 we may see a further move till 9350 .


Nifty Spot Levels for the day are

Long above 9440 for 9450 - 9462 - 9495 , SL 9417

Short below 9405 for 9395 - 9382 - 9350 , SL 9428

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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.