Nifty Spot Outlook for 10th May

NIFTY

In the previous session Nifty spot opened at 11322.40, made a high of 11357.60 , it made a low of 11255.05,  before closing at 11301.80

Had mentioned that long trade will get triggered for the day on sustaining above 11395 and short trade will get triggered for the day on sustaining below 11325. Nifty triggered our short trade and did 60+ points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11800 and then enter for a initial target of 11895 - 11920 and look to hold further only on sustaining or getting a close above 11920 for the next targets of 12000 - 12090. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11620 and then enter for a initial target of 11530 - 11505 and look to hold further only on sustaining or getting a close below 11505 for the next targets of 11425 - 11335. 

Had mentioned in the previous post "Nifty had triggered our weekly short trade on Monday and today completed all our weekly short targets giving 250+ points from the weekly short trade . Now it needs to sustain below 11335 for a test of 11290 - 11260 in the coming sessions." , and today Nifty made a low of 11255.05 sustaining below 11335.

Nifty now has support at 11340 - 11290 and it needs to hold these levels on closing basis for a bounce to come. 

On the upside Nifty has immediate resistance near 11790 - 11810 and a strong close above it is required for further upmove towards 12000 levels. 

For the month of May , longs will get confirmed in Nifty with a consecutive close above 11945 for a initial target of 12155 - 12210 and sustaining / closing above it we can see a further move till 12390 - 12585 .  Similarly shorts will get confirmed with a consecutive close below 11550 for  a initial target of 11340 - 11290 and sustaining / closing below it we can see a further move till 11110 - 10910 .

Nifty confirmed our monthly shorts below 11550 and completed our initial targets with a low of 11255.05 today . Nifty has some support near 11340 - 11270 and it needs to hold it for a bounce in the coming sessions. Closing below 11290 we can see a further correction towards our next targets.

Now in the coming session Nifty needs to break and sustain above 11330 to test 11355 - 11365 initially and sustaining above it we can see a further upmove till 11390 - 11415. Similarly breaking and sustaining below 11275 we can see a test of 11250 - 11240 initially and breaking and sustaining below it we can see a further correction till 11215 - 11190

Nifty Spot Levels for the day are

Long above 11330 for 11345 - 11365 - 11415 , SL 11310

Short below 11275 for 11260 - 11240 - 11190 , SL 11295

If you want to see the post in your Inbox , kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog. Also please give your valuable feedback by selecting the appropriate reactions box at the bottom of the post.

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.