Weekly Spot Outlook Of Nifty for 18th to 22nd May

In the previous week : 

Nifty went down by 208 points then went up by 333  before finally ending the week with a loss of 115 points compared to last weekly closing. 

Nifty initially triggered our short trade but did not complete any targets and took our stoploss . Nifty then reversed to trigger our long trade and completed 2 targets then took our TSL . Post that Nifty again reversed to trigger our short trade but did not complete any targets .  Nifty traded sideways except for the gap ups/ downs the entire week indicating indecisiveness. 

Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March . 

Nifty for this week :

• Sustaining above 9205 enter for 9250 - 9285 - 9320
• Further sustaining above 9365 enter for 9395 - 9500 - 9610

• Sustaining below 9065 enter for 9025 - 8990 - 8955
• Further sustaining below 8905 enter for 8880 - 8775 - 8665

As per weekly closing Nifty has support near 8980 - 8890 and resistance near 9290 - 9390 . Incase of a gap up or gap down these levels should be watched for additional confirmation.

How to use these levels  

• For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets  . 

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 .

We were expecting Nifty to face strong resistance near 9955 - 10040 and Nifty gave a move till 9889.05 from the lows of  7511 .

Nifty had triggered our monthly short trade and completed our initial target with a low of 9043.95 . It was already advised to book once we reach the initial targets . Nifty gave gave 400 points from the short trade . For the next short trade we need Nifty to sustain / close below 8890 and holding the same we can see a bounce again towards 9290 - 9390 initially and closing above it again towards the high of this month. 

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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.