Thursday 7 May 2020

Nifty Spot Outlook for 08th May

In the previous session : 



Nifty went up by 7 points then went up by 95 points before closing lower by 72 points on Thursday as compared to the previous day's close.




Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 


On 07th May :

Nifty traded between our long and short trigger levels for the entire . After a few sideways session we can expect a trending day tomorrow.


For 08th May  :

Sustaining above 9290 enter for 9340 - 9405 - 9570 , SL 9225


Sustaining below 9110 enter for 9055 - 8995 - 8825 , SL 9175


Nifty made a low of 7511.10 on 24th March . Since then it has been moving up slowly and closed above 9250 last week . 


Nifty immediate resistance is now at 9430 - 9470 which needs to be broken on a upmove for further rally.


As have mentioned since past 2 session " Nifty needs to hold 9200 tomorrow for a bounce else last support for tomorrow is at 9110 - 9150 and breaking below it we can see our short daily trade get triggered . " , Nifty today also made a low of 9175.90 and closed at 9199.05.




How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance / support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 


For this month :
  • Nifty longs will get confirmed with a consecutive close above 10100 for a target of 10650 - 10760 and sustaining / closing above 10760 we can see a further move till 11100 - 11490.
  • Nifty shorts will get confirmed with a consecutive close below 9470 for  a initial target of 9065 - 8960 and sustaining / closing below 8960 we can see a further move till 8610 - 8225 .

Nifty has given a consecutive close below 9470 and staying below it we can see a move towards 9065 - 8960 levels. Upmoves can see selling near 9470 - 9630 this week. For now 9110 is a level which needs to hold for a bounce to be expected.



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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.

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