Tuesday, 4 July 2017

Nifty Spot Outlook for 05th Jul

NIFTY


Nifty spot opened at 9645.90 , made a high of 9650.65 and then made a low of 9595.50 before closing at 9613.30 .

Had mentioned that long positions for the day can be taken above 9632 and short positions for the day can be taken below 9598 . Nifty opened above our 1st long target for the day and did not give a good entry .  Nifty then triggered our short trade but immediately reversed but closed nearly flat . Nifty had triggered our weekly longs in the previous session and has today completed 5 targets from the long trade . We can expect a trending move soon .


As mentioned previously " 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 for the 2nd day in a row today and we would now need Bank Nifty to also move up to support further upmove in Nifty . Also as mentioned in the previous post " 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 ." , today Nifty made a high of 9650.65 and was unable to break and sustain above 9655 . 


For today if Nifty spot sustains above 9630 we can see a initial move on the upside till 9648 & on sustaining above 9652 we may see further move till 9684. Similarly if Nifty spot sustains below 9597 we may see a initial move on the downside till 9579 & on sustaining below 9575 we may see a further move till 9543


Nifty Spot Levels for the day are

Long above 9630 for 9640 - 9652 - 9684 , SL 9608

Short below 9597 for 9586 - 9575 - 9543 , SL 9618

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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.