Nifty Spot Outlook for 29th May

NIFTY

In the previous session Nifty spot opened at 11958.35, made a high of 11958.55 , it made a low of 11864.90,  before closing at 11928.75

Had mentioned that long trade will get triggered for the day on sustaining above 11985 and short trade will get triggered for the day on sustaining below 11865. Nifty traded between our long and short trigger levels indicating indecisiveness for the day. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12010 and then enter for a initial target of 12180 - 12220 and look to hold further only on sustaining or getting a close above 12220 for the next targets of 12370 - 12530. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11680 and then enter for a initial target of 11510 - 11470 and look to hold further only on sustaining or getting a close below 11470 for the next targets of 11320 - 11160. 

As mentioned in the previous posts " Nifty now has its immediate resistance now at 11870 - 11945 and it needs to break and give a strong close above this zone for a upmove above the psychological 12000 mark and towards 12400 - 12800." , we saw Nifty cross 12000 levels intraday on election results day but it is yet to give a consecutive close above the resistance zone. 

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 earlier below 11550 and tested our next target zone of 11110 - 10910 with a low of 11108.30 . Had already mentioned then that shorts should be booked as the markers had fallen for 9 consecutive sessions and a bounce was due . Nifty bounced back sharply by nearly 950 points . 

Nifty has in the previous session once again crossed our resistance zone of 11870  - 11945 and has now closed near the outer end of the resistance zone and we can see it give a strong close above it soon as long as Nifty holds 11700 on closing basis on any dips this week.  

Nifty has strong resistance near 12200 zone for this upmove and it needs to give a consecutive close above it for a further move towards 12400 - 12500 else we might see selling pressure return from near 12200. 

Now in the coming session Nifty needs to break and sustain above 11990 to test 12050 - 12065 initially and sustaining above it we can see a further upmove till 12120 - 12180. Similarly breaking and sustaining below 11870 we can see a test of 11805 - 11790 initially and breaking and sustaining below it we can see a further correction till 11735 - 11680.

Nifty Spot Levels for the day are

Long above 11990 for 12025 - 12065 - 12180 , SL 11945

Short below 11870 for 11835 - 11790 - 11680 , SL 11910

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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.