Nifty Spot Outlook for 03rd May

NIFTY

In the previous session Nifty spot opened at 11725.55, made a high of 11789.30 , it made a low of 11699.55,  before closing at 11724.75

Had mentioned that long trade will get triggered for the day on sustaining above 11785 and short trade will get triggered for the day on sustaining below 11710. Nifty initially triggered our long trade but did not sustain and took our stoploss. It then triggered our short trade and again did not complete any targets indicating indecisiveness. 

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 11760 to test 11800 - 11810 initially and sustaining above it we can see a further upmove till 11840 - 11875. Similarly breaking and sustaining below 11690 we can see a test of 11650 - 11640 initially and breaking and sustaining below it we can see a further correction till 11610 - 11575

Nifty Spot Levels for the day are

Long above 11760 for 11785 - 11810 - 11875 , SL 11735

Short below 11690 for 11665 - 11640 - 11575 , SL 11715

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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.