Thursday, 1 June 2017

Nifty Spot Outlook for 02nd Jun

NIFTY


Nifty spot  opened  at 9603.55 , made a low of 9589.90 and then made a high of 9634.65 before closing at 9616.10 .

Had mentioned that long positions for the day can be taken above 9644 and short positions for the day can be taken below 9599 . Nifty triggered our short trade but could not complete any targets and traded flat the entire session . 


Now for this week Nifty Spot needs to break and sustain above 9667 for long confirmationthen we can expect a move till 9712 - 9743 initially and closing above 9763 we can expect the next move till 9828 - 9900 Similarly this week Nifty spot needs to break and sustain below 9523 for short confirmation, then we can expect a move till 9479 - 9447 initially and closing below 9428 we can expect a further move till 9362 - 9290.  Nifty has in the last 3 sessions stayed within our long and short weekly confirmation levels of 9667 - 9523 and breaking beyond this range now should give a bigger move on either side. 

The geopolitical issues is what can cause some concern for longs as and when it escalates . Nifty has a strong support near 9355 - 9335 currently and bigger correction can be expected only on closing below this range . Nifty has its immediate resistance near 9650 - 9670 zone and above that near 9750 - 9770 zone and those who had taken longs last week with a cbsl of 9335 should look to book near these levels after seeing the price action . Nifty has its immediate support near 9550 - 9520 zone and below it near 9480 - 9460 zone . Those who had entered longs last week with the cbsl of 9335 and have not yet booked should now move up their trailing cbsl to 9540 or look to book now if Nifty is unable to break and sustain above 9650 - 9670 zone.


For today if Nifty spot sustains above 9638 we can see a initial move on the upside till 9662 & on sustaining above 9668 we may see further move till 9711 . Similarly if Nifty spot sustains below 9594 we may see a initial move on the downside till 9570 & on sustaining below 9564 we may see a further move till 9522


Nifty Spot Levels for the day are

Long above 9638 for 9652 - 9668 - 9711 , SL 9609

Short below 9594 for 9580 - 9564 - 9522 , SL 9623

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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.