Monday, 3 July 2017

Nifty Spot Outlook for 04th Jul

NIFTY


Nifty spot opened at 9587.95 , made a low of 9543.55 and then made a high of 9624 before closing at 9615

Had mentioned that long positions for the day can be taken above 9535 and short positions for the day can be taken below 9507 . Nifty triggered our short trade and completed all our long targets for the day . Nifty also triggered our weekly long today and completed 4 targets from the weekly long trade giving around 60+ points from it . 


As mentioned in the previous post " Now we can expect further correction on sustaining / closing below 9440 .  Holding the same we can see Nifty retest 9560 levels initially and breaking and sustaining above 9560 we should test 9600 levels next. Similarly breaking and sustaining below 9480 levels we can see a test of 9440 levels . We can expect a bigger move once Nifty spot breaks and sustains beyond the range of 9440 - 9600 in the coming sessions ."  , today we Nifty test and also close above 9600 levels . Bank Nifty did not participate much today and we would now need Bank Nifty to also move up to support further upmove in Nifty . Nifty now needs to break and sustain / close above 9655 to make a move towards the all time high with a small resistance near  9680 - 9700 levels .


For today if Nifty spot sustains above 9632 we can see a initial move on the upside till 9649 & on sustaining above 9654 we may see further move till 9685 . Similarly if Nifty spot sustains below 9598 we may see a initial move on the downside till 9581 & on sustaining below 9576 we may see a further move till 9544


Nifty Spot Levels for the day are

Long above 9632 for 9642 - 9654 - 9685 , SL 9610

Short below 9598 for 9588 - 9576 - 9544 , SL 9620

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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.