Sunday, 12 May 2019

Nifty Spot Outlook for 13th May

NIFTY


In the previous session Nifty spot opened at 11314.15, made a high of 11345.80 , it made a low of 11251.05,  before closing at 11278.90

Had mentioned that long trade will get triggered for the day on sustaining above 11330 and short trade will get triggered for the day on sustaining below 11275. Nifty initially triggered our long trade and completed just 1 target and took our TSL. It then triggered our short trade and again completed just 1 target . After correcting nearly 400+ points last week on Friday Nifty indicated a bit of indecisiveness and took a pause.

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 11350 and then enter for a initial target of 11425 - 11440 and look to hold further only on sustaining or getting a close above 11440 for the next targets of 11505 - 11575. 

&

Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11210 and then enter for a initial target of 11135 - 11120 and look to hold further only on sustaining or getting a close below 11120 for the next targets of 11055 - 10985. 



Last week we had expected a test of 11290 - 11260 which was done with a low of 11255.05 and 11251-05 on Thursday and Friday consecutively. 


Nifty now has support at 11235 - 11210 and it needs to hold these levels on closing basis for a bounce to come. 

On the upside Nifty has immediate resistance near 11350 - 11450 and a strong close above it is required for a pullback. 



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 completed our initial targets with a low of 11251.05 last week . Nifty has some support near 11340 - 11270 and it needs to hold it for a bounce in the coming sessions. Nifty has marginally closed above 11270 and if it sustains below it in the coming sessions then we can see a further correction towards our next targets. 


Now in the coming session Nifty needs to break and sustain above 11305 to test 11335 - 11340 initially and sustaining above it we can see a further upmove till 11365 - 11390. Similarly breaking and sustaining below 11250 we can see a test of 11225 - 11215 initially and breaking and sustaining below it we can see a further correction till 11195 - 11170


Nifty Spot Levels for the day are

Long above 11305 for 11320 - 11340 - 11390 , SL 11285

Short below 11250 for 11235 - 11215 - 11170 , SL 11275

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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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