Nifty Outlook for 04th May

  In the previous session : 

Nifty went down by 214 points then went up 42 points before closing higher by 3 points on Monday as compared to the previous day's close. 






Nifty  made a new life time high of 15431.75 in this upmove from the levels of  7511.10  . 

On 03rd May :
Nifty triggered our short trade with a gap  down by opening near our 2nd daily target and fell another 65 points . 

For 04th May :
 
Sustaining above 14690 enter for 14720 - 14760 - 14860 , SL 14650
Sustaining below 14580 enter for 14545 - 14510 - 14410 , SL 14620
 
Now for this week :
Nifty has immediate resistance at 14735 - 14800 zone and sustaining or closing above it we may see a further move towards 14980 - 15025 zone 
Nifty has immediate support at 14525 - 14460 zone and sustaining or closing below it we may see a further move towards 14285 - 14235 zone . 
So far this week Nifty made a low of 14416.25 breaking below our initial weekly support and bounced back smartly to close well  above . Now as long as Nifty is sustaining above 14525 we can see it move towards the initial resistance zone of 14735 - 14800 . 
As mentioned previously "Now on further corrections Nifty has strong support at 14415 - 14280 on the downside and incase of a consecutive close below it we can expect further declines. On the upside Nifty has strong resistance at 14850 - 14980 and it needs to give a consecutive close above it for further upmoves.",  and we saw  Nifty make a low of 14416.25 near our strong support  zone and bounce back to close above 14600

In the month of April we have seen a high of 15044.35 and we saw a low of 14151.40 .







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


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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.