Weekly Spot Outlook Of Nifty for 21st to 25th May

NIFTY

This week Nifty spot went up by 123 points then went down by 217 points before finally ending the week with a loss of 210 points compared to last weekly closing. 

Had mentioned in the previous weekly post " Now in the coming week Nifty needs to break and sustain above 10860 to test 10920 - 10935 initially and above it we can see a test of 10980 - 11035. Breaking and sustaining below 10750 we can see a test of 10695 - 10680 initially and below it we can see a test of 10630 - 10580 . Those who are holding longs should keep a cbsl of 10750. Those who are holding shorts should keep a cbsl of 10860 . Nifty has a strong resistance near 10765 - 10815 and we have got a close within this range now and it needs to give a strong close above it for higher levels in this month . The coming week will be volatile with Karnataka election results to be declared . " , and we saw Nifty make a high of 10929.20 testing our initial resistance zone of 10920 - 10935 and reverse . Nifty needed to give a strong close above 10765 - 10815 zone to continue the upmove which it could not do and we saw our weekly & monthly short trade get triggered too and a correction  till 10590 completing all our weekly short targets and our initial monthly short targets .

Now in the coming week Nifty needs to break and sustain above 10650 to test 10700 - 10710 initially and above it we can see a test of 10760 - 10810 . Breaking and sustaining below 10545 we can see a test of 10495 - 10480 initially and below it we can see a test of 10435 - 10385. Those who are holding shorts should keep a cbsl of 10645 .  Nifty has strong support near 10560 - 10540 zone in the coming week and if it does not sustain below it then we can see a pullback . Nifty has a strong resistance near 10765 - 10815 and it needs to give a strong close above it for higher levels in this month  . 

As mentioned " 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 ." , and Nifty gave a couple of borderline close just above 10805 and made a high of 10929.20 completing our initial monthly targets but failed to give a close above 10815 . Had mentioned in the previous post " Nifty has strong resistance in the zone of 10765 - 10815 for this month which has to broken and sustained for this upmove to continue else we might see a correction begin again from the mentioned levels ." and Nifty failed to give a close above 10815 and we saw a correction begin and we made a low of 10589.10 triggering our monthly shorts too . Now Nifty has strong support near 10560 - 10540 and it will need to sustain / close below it for further correction . Else it might take support near it and pullback . 

Nifty Spot Levels for the week are

Long above 10630 , Tgt  10650 - 10660 - 10675

IF Nifty spot manages to get a close / sustain above 10700 then ,

long again for 10715 - 10760 - 10810

Short below 10565 , Tgt 10545 - 10530 - 10515

IF Nifty spot manages to get a close / sustain below 10495 then, 

short again for 10480 - 10435 - 10385

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.