Nifty Spot Outlook for 24th May

NIFTY

Nifty spot  opened  at 9445.05 , made a high of 9448.05 and then made a low of 9370 before closing at 9386.15

Had mentioned that long positions for the day can be taken above 9458 and short positions for the day can be taken below 9419 . Nifty triggered our short trade and missed our last target by 14 points giving around 45 points from the short trigger levels . Nifty intraday weakness was visible when it was unable to confirm the long trade for the day .  As have been mentioning in the previous posts " Now Nifty needs to break and sustain below 9410 - 9400 zone to see a test of the next support at 9370 - 9360 " , and today we saw Nifty make a low of 9370 and close near the lows of the day .

Now for this week Nifty Spot needs to break and sustain above 9479 for long confirmation, then we can expect a move till 9511 - 9534 initially and closing above 9547 we can expect the next move till 9594 - 9646 . Similarly this week Nifty spot needs to break and sustain below 9376 for short confirmation, then we can expect a move till 9345 - 9322 initially and closing below 9308 we can expect a further move till 9262 - 9210. Today Nifty broke below our weekly short confirmation levels of 9376 momentarily and reversed to close 10 points above it .

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." , Nifty has good support currently at 9410 - 9400 zone and below that at 9370 - 9360 zone and as mentioned in the previous post too , those who are short should look to book near these support zones  and today Nifty made a low of 9370 finally giving 150+ points from the positional short trade taken at 9530 levels with a cbsl of 9535 . Those who are looking to go long from here should keep a strict cbsl of 9335 spot for their positions as closing below it can take Nifty further down towards 9242 - 9203 levels with some support at 9310 . As mentioned in the previous post Nifty is currently trading in a range of 9375 - 9535 and sustaining / closing beyond this range is required for a bigger move. Last week Nifty had nearly tested the higher end of the range with a high of 9532.60 and failed to give a close above it and today it has tested the lower end of the range with a low of 9370 and failed to close below it . Nifty closing below 9402 is indicating some weakness and as mentioned above those who are looking to go long should keep a strict cbsl of 9335 spot for their positions . 

For today if Nifty spot sustains above 9404 we can see a initial move on the upside till 9422 & on sustaining above 9427 we may see further move till 9461 . Similarly if Nifty spot sustains below 9369 we may see a initial move on the downside till 9350 & on sustaining below 9345 we may see a further move till 9312

Nifty Spot Levels for the day are

Long above 9404 for 9415 - 9427 - 9461 , SL 9381

Short below 9369 for 9358 - 9345 - 9312 , SL 9392

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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.