Thursday, 28 May 2020

Nifty Spot Outlook for 29th May

In the previous session : 

Nifty went up by 196 points before closing higher by 175 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 28th May :

Nifty triggered our long trade and did 126 points 

For 29th May  :

Sustaining above 9555 enter for 9595 - 9645 - 9765 , SL 9510

Sustaining below 9425 enter for 9385 - 9340 - 9215 , SL 9470

Incase we get a gap up beyond the 1st target then will update fresh levels as per pre opening on the telegram channel "simplytradestocks"

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

Had mentioned in the previous post " Sustaining above 9240 we see it move further towards 9425 - 9475 where it has its next resistance" , and today we saw Nifty make a high of 9511.25 and close at 9490 beyond the resistance range top. Now in the coming sessions it needs to sustain above 9475 for a further upmove towards 9550 - 9610 . Anyone attempting to take a short position near 9550 - 9610 should keep a cbsl of 9650 tomorrow.

Overall Nifty needs to hold 8800 - 8840 zone on closing for a bounce again.

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 had triggered our monthly short trade below 9470 for a target of 9065 - 8960 and it completed its initial target with a low of 8806.75 .Those who were holding short would have got 650 points from the short trade . 

Nifty has held to its small support at 8820 and bounced back sharply to 9500+  levels  . 

Further upmoves can see some selling near 9475 - 9620  as per monthly levels .

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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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