Monday 17 May 2021

Nifty Outlook for 18th May

 In the previous session :

Nifty went up by 260 points before closing higher by 245 points on Monday.



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



On 17th May :

Nifty triggered our long trade  and  almost completed all targets and more doing 220 points.

For 18th May :

Sustaining above 14975 enter for 15005 - 15040 - 15130 , SL 14940

Sustaining below 14870 enter for 14840 - 14800 - 14710 , SL 14910


Now for this week :

Nifty has immediate resistance at 14745 - 14785 zone and sustaining or closing above we may see a further move towards 14900 - 14930 zone

Nifty has immediate support at 14610 - 14570 and sustaining or closing below that we may see a move towards 14460 - 14430 zone

So far this week Nifty made a high of 14938 testing our next weekly resistance zone and closed within it . Now Nifty has to sustain above 14930 for a further move towards 15030 - 15130 where we will also test the upper end of the  overall broader range. 

Nifty continues to trade in the broader range of 14200 - 15100 

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 upmove.

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 .

Incase 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. 


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