Wednesday, 17 May 2017

Nifty Spot Outlook for 17th May

NIFTY


Nifty spot  opened  at 9461, made a low of 9456.35 and made a high of 9517.20 before closing at 9512.25

Had mentioned that long positions for the day can be taken above 9462 and short positions for the day can be taken below 9428 . Nifty triggered our long trade and completed all 3 targets for the day giving around 50+ points for the day . Nifty had triggered our weekly long trade in the previous session and today completed our 4 long targets for this week giving around 80 points from the weekly long trade .


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. Nifty had given a borderline close and completed 4 targets giving around 80+ points from the long trade and has also closed above 9503 and on sustaining above it can now test 9542 - 9586 next . 

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 . Nifty is approaching a resistance zone now and should take resistance near 9542 - 9589 zone . A consecutive close above 9534 can open doors for a further upmove and it should be the cbsl for those who are looking to go short on further rise. 


For today if Nifty spot sustains above 9530 we can see a initial move on the upside till 9550 & on sustaining above 9554 we may see further move till 9589. Similarly if Nifty spot sustains below 9494 we may see a initial move on the downside till 9475 & on sustaining below 9470 we may see a further move till 9436


Nifty Spot Levels for the day are

Long above 9530 for 9542 - 9554 - 9589 , SL 9507

Short below 9494 for 9483 - 9470 - 9436 , SL 9518

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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.