Nifty Spot Outlook for 14th May

NIFTY

In the previous session Nifty spot opened at 11258.70, made a high of 11300.20 , it made a low of 11125.60,  before closing at 11148.20

Had mentioned that long trade will get triggered for the day on sustaining above 11305 and short trade will get triggered for the day on sustaining below 11250. Nifty triggered our short trade and completed all targets giving 100+ points as even the weekly sell got triggered. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11350 and then enter for a initial target of 11425 - 11440 and look to hold further only on sustaining or getting a close above 11440 for the next targets of 11505 - 11575. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11210 and then enter for a initial target of 11135 - 11120 and look to hold further only on sustaining or getting a close below 11120 for the next targets of 11055 - 10985.

Nifty triggered our weekly short trade today and completed our initial target of 11135 - 11120 with a low of 11125.60. Now in the coming sessions sustaining below 11120 Nifty can move towards our next targets of 11055 - 10985 . Nifty needs to hold above 11120 - 11135 to expect a bounce in the coming sessions this week.

Nifty now has immediate support at 11135 - 11120 and it needs to hold these levels on closing basis for a bounce to come . 

Nifty took out its support at 11210 - 11235 which can act as its immediate resistance now with the next resistance at 11350 - 11450 .

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 had confirmed our monthly shorts below 11550 and completed our initial targets with a low of 11251.05 last week . This week as mentioned Nifty on sustaining below 11270 has so far made a low of 11125.60 nearly touching our next short targets of 11110 - 10910 . Those who are holding shorts should look to exit on a further correction near 11050 - 11025 as the markets have been falling for 9 consecutive sessions and we might see a bounce in the coming sessions .

Now in the coming session Nifty needs to break and sustain above 11170 to test 11190 - 11195 initially and sustaining above it we can see a further upmove till 11210 - 11230. Similarly breaking and sustaining below 11130 we can see a test of 11110 - 11105 initially and breaking and sustaining below it we can see a further correction till 11085 - 11070

Nifty Spot Levels for the day are

Long above 11170 for 11180 - 11195 - 11230 , SL 11155

Short below 11130 for 11120 - 11105 - 11070 , SL 11145

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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.