Nifty Outlook for 06th May

  In the previous session :

Nifty went up by  141 points before closing higher by 121 points on Wednesday.

Nifty made a new life time high of 15431.75  in this upmove from the lows of 7511.10 made on 24th March

On 05th May :

Nifty triggered our long trade and completed 2 targets doing 75 points.

For 06th May :

Sustaining above 14675 enter for 14710 - 14750 - 14850 , SL 14635

Sustaining below 14560 enter for 14525 - 14485 - 14380 , SL 14600

Now for this week :

Nifty has immediate resistance at 14735 - 14800 zone and sustaining or closing above we may see a further move towards 14980 - 15025 zone

Nifty has immediate support at 14525 - 14460 and sustaining or closing below that we may see a 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 and again closed above 14600.

Now as long as Nifty holds above 14500 on dips we may see a further bounce towards 14735 - 14800 zone where it has its resistance.

Overall 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.

In the month of April  Nifty made a high of 15044.35 and made a low of  14151.40 .

Overall Bank Nifty needs to give a strong or consecutive close above 35140 to regain strength .

Inase of a gap up beyond the first target then for fresh updated levels intraday follow 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.