Thursday, 9 May 2019

Nifty Spot Outlook for 09th May

NIFTY


In the previous session Nifty spot opened at 11478.70, made a high of 11479.10 , it made a low of 11346.95,  before closing at 11359.45

Had mentioned that long trade will get triggered for the day on sustaining above 11530 and short trade will get triggered for the day on sustaining below 11465. Nifty triggered our short trade and did 100+ points . 

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 had triggered our weekly short trade on Monday and today completed all our weekly short targets giving 250+ points from the weekly short trade . Now it needs to sustain below 11335 for a test of 11290 - 11260 in the coming sessions.


Nifty now has support at 11340 - 11290 and it needs to hold these levels on a further 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 .

Nifty confirmed our monthly shorts below 11550 and tested our initial targets with a low of 11346.95 today . Nifty has some support near 11340 - 11270 and it needs to hold it for a bounce in the coming sessions.


Now in the coming session Nifty needs to break and sustain above 11395 to test 11430 - 11440 initially and sustaining above it we can see a further upmove till 11475 - 11510. Similarly breaking and sustaining below 11325 we can see a test of 11285 - 11275 initially and breaking and sustaining below it we can see a further correction till 11245 - 11210


Nifty Spot Levels for the day are

Long above 11395 for 11415 - 11440 - 11510 , SL 11370

Short below 11325 for 11305 - 11275 - 11210 , SL 11350

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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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