Nifty Spot Outlook for 16th May

NIFTY

In the previous session Nifty spot opened at 11271.70, made a high of 11286.80 , it made a low of 11136.95,  before closing at 11157.00

Had mentioned that long trade will get triggered for the day on sustaining above 11250 and short trade will get triggered for the day on sustaining below 11195. Nifty initially triggered our long trade with a gap up near our 2nd target and did not give a chance to enter . It then reversed and triggered our short trade and did 50+ points. 

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 had triggered our weekly short trade and completed our initial target of 11135 - 11120 with a low of 11108.30. Now Nifty has to sustain below 11120 to move towards our next targets of 11055 - 10985 . Holding above 11120 - 11135 Nifty can keep attempting a bounce.

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

Nifty has its immediate resistance at 11210 - 11235 and above it the next resistance is placed 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 11108.30 touching our next short targets of 11110 - 10910 . Had mentioned in the previous post that " 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 ." , and Nifty bounced back from near 11100 itself. This bounce now has resistance near 11350 - 11450 zone.

Now in the coming session Nifty needs to break and sustain above 11180 to test 11205 - 11215 initially and sustaining above it we can see a further upmove till 11235 - 11260. Similarly breaking and sustaining below 11130 we can see a test of 11110 - 11100 initially and breaking and sustaining below it we can see a further correction till 11080 - 11055

Nifty Spot Levels for the day are

Long above 11180 for 11195 - 11215 - 11260 , SL 11165

Short below 11135 for 11120 - 11100 - 11055 , SL 11150

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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.