Monday 25 May 2020

Weekly Spot Outlook Of Nifty for 26th to 29th May

In the previous week : 

Nifty went down by 330 points then went up by 41 before finally ending the week with a loss of 97 points compared to last weekly closing. 

Nifty triggered our short trade and did 258 points completing 4 targets. 



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 9140 enter for 9200 - 9250 - 9300
  • Further sustaining above 9375 enter for 9415 - 9565 - 9725


  • Sustaining below 8940 enter for 8875 - 8825 - 8775
  • Further sustaining below 8705 enter for 8660 - 8515 - 8355


As per weekly closing Nifty has support near 8940 - 8875 and resistance near 9140 - 9200 . 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 8806.75 . It was already advised to book once we reach the initial targets . Nifty gave 660 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.

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