In the previous session :
Nifty went down by 171 points before closing lower by 91 points on Tuesday.
Nifty made a new life time high of 15431.75 in this upmove from the lows of 7511.10 made on 24th March
On 11th May :
Nifty triggered our short trade with a gap down below our 02nd target and did not give a chance to trade at opening. Post that Nifty made a high of 14900 and gave a chance to enter and completed 2 targets doing 70 points.
For 12th May :
Sustaining above 14900 enter for 14930 - 14965 - 15060 , SL 14865
Now for this week :
Nifty has immediate resistance at 14915 - 14970 zone and sustaining or closing above we may see a further move towards 15125 - 15165 zone
Nifty has immediate support at 14735 - 14675 and sustaining or closing below that we may see a move towards 14520 - 14480 zone
As mentioned in the previous post "So far this week Nifty has made a high of 14966.90 testing our initial resistance zone. Now Nifty needs to sustain above 14815 on dips and break and sustain above 14970 for further move towards 15125 - 15165 ", Nifty reversed from the resistance zone and made a low of 14771.40 and managed to close well above 14815 to keep hopes allow or a bounce.
Now breaking and sustaining below 14770 we can see a further move towards the initial support zone for the week.
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 .
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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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