Wednesday, 1 May 2019

Nifty Spot Outlook for 02nd May

NIFTY


In the previous session Nifty spot opened at 11748.75, made a high of 11756.25 , it made a low of 11655.90,  before closing at 11748.15

Had mentioned that long trade will get triggered for the day on sustaining above 11790 and short trade will get triggered for the day on sustaining below 11715. Nifty triggered our short trade and completed 2 targets for the day giving 50+ points.


For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11850 and then enter for a initial target of 11950 - 11980 and look to hold further only on sustaining or getting a close above 11980 for the next targets of 12065 - 12160. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11660 and then enter for a initial target of 11560 - 11530 and look to hold further only on sustaining or getting a close below 11530 for the next targets of 11445 - 11350. 



Nifty now has strong support at 11460 - 11440 and it needs to hold these levels on a correction this week .   

On the upside Nifty has immediate resistance near 11790 - 11810 and a strong close above it is required for further upmove towards 12000 levels. 



For the month of May , longs will get confirmed in Nifty with a consecutive close above 11945 for a initial target of 12155 - 12210 and sustaining / closing above it we can see a further move till 12385 - 12585 .  Similarly shorts will get confirmed with a consecutive close below 11550 for  a initial target of 11340 - 11290 and sustaining / closing below it we can see a further move till 11110 - 10910 .


Now in the coming session Nifty needs to break and sustain above 11785 to test 11825 - 11835 initially and sustaining above it we can see a further upmove till 11865 - 11900. Similarly breaking and sustaining below 11710 we can see a test of 11675 - 11665 initially and breaking and sustaining below it we can see a further correction till 11630 - 11595


Nifty Spot Levels for the day are

Long above 11785 for 11805 - 11835 - 11900 , SL 11760

Short below 11710 for 11690 - 11665 - 11595 , SL 11740

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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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