Weekly Spot Outlook Of Nifty for 14th to 18th May

NIFTY

This week Nifty spot went up by 194 points before finally ending the week with a gain of 188 points compared to last weekly closing. 

Now in the coming week Nifty needs to break and sustain above 10860 to test 10920 - 10935 initially and above it we can see a test of 10980 - 11035 . Breaking and sustaining below 10750 we can see a test of 10695 - 10680 initially and below it we can see a test of 10630 - 10580.  Those who are holding longs should keep a cbsl of 10750 . Those who are holding shorts should keep a cbsl of 10860 .  Nifty has a strong resistance near 10765 - 10815 and we have got a close within this range now and it needs to give a strong close above it for higher levels in this month  . The coming week  will be volatile with Karnataka election results to be declared .

For the month of May , longs will get confirmed with a consecutive close above 10805 for a initial target of 10875 - 10895 and sustaining / closing above it we can see a further move till 10950 - 11020 .  Similarly shorts will get confirmed with a consecutive close below 10675 for  a initial target of 10605 - 10585 and sustaining / closing below it we can see a further move till 10525 - 10460 . Had mentioned in the previous post " Nifty has strong resistance in the zone of 10765 - 10815 for this month which has to broken and sustained for this upmove to continue else we might see a correction begin again from the mentioned levels ." , and Nifty gave a borderline close just above 10805 but we need a stronger consecutive close above it now to stay long .

Nifty Spot Levels for the week are

Long above 10840 , Tgt  10860 - 10875 - 10895

IF Nifty spot manages to get a close / sustain above 10920 then ,

long again for 10935 - 10980 - 11035

Short below 10770 , Tgt 10750 - 10735 - 10720

IF Nifty spot manages to get a close / sustain below 10695 then, 

short again for 10680 - 10630 - 10580

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.