Tuesday, 9 May 2017

Nifty Spot Outlook for 09th May


NIFTY


Nifty spot  opened  at 9311.45, made a low of 9297.25 and made a high of 9338.7 before closing at 9314.05 Had mentioned that long positions for the day can be taken above 9306 and short positions for the day can be taken below 9265

Nifty triggered our long trade and completed second last target for the day after touching our long trigger at opening giving around 32 points.


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. 


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 looking to go long on a further downmove this week should keep a strict cbsl of 9203 . Had given a cbsl for shorts at 9405 in the previous post and those who would have shorted with it should now move their stoploss to 9319 spot and look to book out if Nifty does not break and sustain below 9231. 


For today if Nifty spot sustains above 9331 we can see a initial move on the upside till 9342 & on sustaining above 9355 we may see further move till 9388 . Similarly if Nifty spot sustains below 9296 we may see a initial move on the downside till 9285 & on sustaining below 9272 we may see a further move till 9239

Nifty Spot Levels for the day are

Long above 9331 for 9342 - 9355 - 9388 , SL 9308

Short below 9296 for 9285 - 9272 - 9239 , SL 9319

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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.