Nifty Spot Outlook for 06th May

NIFTY

In the previous session Nifty spot opened at 11722.60, made a high of 11770.90 , it made a low of 11699.35,  before closing at 11712.25

Had mentioned that long trade will get triggered for the day on sustaining above 11760 and short trade will get triggered for the day on sustaining below 11690. Nifty initially triggered our long trade but did not sustain and took our stoploss. It traded sideways post that indicating indecisiveness. 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11800 and then enter for a initial target of 11895 - 11920 and look to hold further only on sustaining or getting a close above 11920 for the next targets of 12000 - 12090. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11620 and then enter for a initial target of 11530 - 11505 and look to hold further only on sustaining or getting a close below 11505 for the next targets of 11425 - 11335. 

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 12390 - 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 11745 to test 11780 - 11790 initially and sustaining above it we can see a further upmove till 11820 - 11855. Similarly breaking and sustaining below 11680 we can see a test of 11645 - 11635 initially and breaking and sustaining below it we can see a further correction till 11605 - 11570

Nifty Spot Levels for the day are

Long above 11745 for 11765 - 11790 - 11855 , SL 11720

Short below 11680 for 11660 - 11635 - 11570 , SL 11705

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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.