Tuesday, 16 May 2017

Nifty Spot Outlook for 16th May

NIFTY


Nifty spot  opened  at 9433.55, made a low of 9423.10 and made a high of 9449.25 before closing at 9445.40 

Had mentioned that long positions for the day can be taken above 9418 and short positions for the day can be taken below 9384 . Nifty triggered our long trade and completed 2 targets for the day . Nifty has also confirmed our weekly longs at close by closing borderline at 9445 and we may see a gap up tomorrow .


Now for this week Nifty Spot needs to break and sustain above 9445 for long confirmationthen we can expect a move till 9472 - 9491 initially and closing above 9503 we can expect the next move till 9542 - 9586 Similarly this week Nifty spot needs to break and sustain below 9357 for short confirmation, then we can expect a move till 9330 - 9311 initially and closing below 9299 we can expect a further move till 9260 - 9216. Today Nifty has given a borderline close confirming the weekly longs and we may see a gap up tomorrow.


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 bigger correction can be expected only on closing below this range . 


For today if Nifty spot sustains above 9462 we can see a initial move on the upside till 9481 & on sustaining above 9485 we may see further move till 9518. Similarly if Nifty spot sustains below 9428 we may see a initial move on the downside till 9410 & on sustaining below 9406 we may see a further move till 9373


Nifty Spot Levels for the day are

Long above 9462 for 9473 - 9485 - 9518 , SL 9440

Short below 9428 for 9418 - 9406 - 9373 , SL 9451

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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.