Weekly Spot Outlook Of Nifty for 07th to 11th May

NIFTY

This week Nifty spot went up by 92 points and went down by 91 points before finally ending the week with a loss of 74 points compared to last weekly closing. Nifty had made a new life time high of 11171.55 in January and had corrected by 1200 points after that till 9951.90  .

As per levels given for the previous week Nifty Spot needed to sustain / close above 10725 to trigger a upmove and Nifty spot needed to sustain/close below 10660 to trigger downmove for the week. Nifty made a high of 10784.65 and a low of 10601.60 for the week. 

In the previous week had mentioned that " Now in the coming week Nifty needs to sustain and  close above 10725 to test 10755 - 10765 initially and closing above it we can see a test of 10790 - 10820 . Sustaining and closing below 10660 we can see a test of 106300 - 10620 initially and closing below it we can see a test of 10595 - 10565 . Those who are holding longs should now move their trailing cbsl to 10660 this week and can hold further on sustaining / closing above 10725 with a trailing cbsl of 10700 and look to book once near 10790 - 10820 incase we dont get a close above 10765 .  Fresh shorts may be entered this week on sustaining / closing below 10660 or near 10790 - 10820 with a strict cbsl of 10830 .  Nifty has a strong resistance near 10765 - 10815 now and it needs to give a strong close above it for higher levels in this new series . "  and Nifty made a high of 10784.65 near our exit given for longs and reversed .and gave a chance for shorts to enter with the cbsl given .  Nifty gave us 700+ points in our long trade from 10050 before we finally closed it last week . 

Now in the coming week Nifty needs to break and sustain above 10660 to test 10705 - 10720 initially and above it we can see a test of 10755 - 10800 . Breaking and sustaining below 10575 we can see a test of 10530 - 10520 initially and below it we can see a test of 10480 - 10420.  Those who are holding shorts should now move their trailing cbsl to 10660 this week and can hold further on sustaining / closing below 10575 with a trailing cbsl of 10605 and look to book once near 10530 - 10520 incase we dont get a close below 10520 . Fresh longs  may be entered this week on sustaining / closing above 10660 with a strict cbsl of 10630.  Nifty has a strong resistance near 10765 - 10815 now and it needs to give a strong close above it for higher levels in this month  . 

For the month of May , longs will get confirmed with a consecutive close above 10805 for a initial target of 10875 - 10895 and sustaining / closing above it we can see a further move till 10950 - 11020 .  Similarly shorts will get confirmed with a consecutive close below 10675 for  a initial target of 10605 - 10585 and sustaining / closing below it we can see a further move till 10525 - 10460 . Had mentioned in the previous post " Nifty has strong resistance in the zone of 10765 - 10815 for the coming month which has to broken and sustained for this upmove to continue else we might see a correction begin again from the mentioned levels ."

Nifty Spot Levels for the week are

Long above 10780 , Tgt  10805 - 10825 - 10845

IF Nifty spot manages to get a close / sustain above 10875 then ,

long again for 10895 - 10955 - 11020

Short below 10700 , Tgt 10675 - 10655 - 10635

IF Nifty spot manages to get a close / sustain below 10605 then, 

short again for 10585 - 10525 - 10460

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.