May 8, 2017

Nifty can Bounce Sharply above 9377 for New High Again

Nifty opened higher at 9374 and registered all time high 9377 but failed to stay at higher levels and declined sharply just after opening and traded with negative bias for rest of the day. Nifty declined to register day’s low 9272 before closing 74 points down at 9282.

Yesterday, 9323 was fresh stoploss for longs and bounce towards 9380-9449 was expected in coming days. Also suggested to hold Nifty longs taken in 9275-9257 range with fresh stoploss 9323 expecting same targets 9380-9449. Nifty bounced till 9377 (03 points short of minimum target) and then declined to trigger stoploss of 9323 on Friday. Let’s have fresh look at latest charts for further scenario.


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