Wednesday, 17 May 2017

Nifty Spot Outlook for 18th May

NIFTY


Nifty spot  opened  at 9517.60, made a low of 9486.10 and made a high of 9532.60 before closing at 9525.75

Had mentioned that long positions for the day can be taken above 9530 and short positions for the day can be taken below 9494 . Nifty triggered our short trade initially but did not complete any target . It then triggered our long trade towards the end of session and again failed to complete any target . Nifty has been trading in a very narrow range for the past 2 sessions which should be broken tomorrow . Nifty missed our 2nd last long target for the week today by 10 points after confirming our weekly longs on Monday . 


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. Had mentioned in the previous post that since Nifty has closed above 9503 , sustaining above it we can see a test of 9542 - 9586 and Nifty came close to it by making a high of 9532.60 today . 

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 . Had mentioned in the previous post that "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." , today Nifty came close to it by making a high of 9532.60 and closed 10 points below our cbsl for shorts given at 9534 . Today Nifty gave a good entry point for shorts at 9530 with a small stoploss of 4 points . Nifty has good support currently at 9410 - 9400 zone and below that at 9370 - 9360 zone and those who went short today should watch for these support zones incase Nifty corrects beyond our last intraday target  . 


For today if Nifty spot sustains above 9544 we can see a initial move on the upside till 9562 & on sustaining above 9567 we may see further move till 9601. Similarly if Nifty spot sustains below 9508 we may see a initial move on the downside till 9489 & on sustaining below 9484 we may see a further move till 9450


Nifty Spot Levels for the day are

Long above 9544 for 9555 - 9567 - 9601 , SL 9520

Short below 9508 for 9497 - 9484 - 9450 , SL 9531

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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.