Thursday 20 May 2021

Nifty Outlook for 21st May

 In the previous session :

Nifty went up by 39 points then went down by 145 points before closing lower by 124 points on Thursday.



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



On 20th May :

Nifty triggered our short trade and did 90 points. 

For 21st May :

Sustaining above 14960 enter for 14990 - 15030 - 15130 , SL 14920

Sustaining below 14850 enter for 14820 - 14780 - 14680 , SL 14890


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 15137.25 breaking above the broader trading range of 14200 - 15100 and also closed above it . Post closing above 15100 we saw fall down till 14884.90 and close just above 14900.

Now as long as Nifty is closing above 14900 we can see it move up towards 15150 - 15350 zone and sustaining below 14850 we can see it move towards 14780 - 14750 zone where it has a strong support.

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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