Weekly Spot Outlook Of Nifty For 06th to 10th May

NIFTY

This week Nifty went down by 99 points , and then went up by 34 points before finally ending the week with a loss of just 42 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11850 to confirm uptrend and Nifty spot needed to sustain and close below 11660 to confirm downtrend for the week. Nifty made a high of 11789.30 and made a low of 11655.90

Had mentioned in previous weekly post that Nifty needs to sustain above 11850 to test 11950 - 11980 initially and closing above it can go further till 12065 - 12160 and Nifty needs to sustain below 11660 to test 11560 - 11530 initially and closing below it can go further till 11445 - 11350, and we saw Nifty test our short trigger but did not sustain and bounce indicating some support on the downside. 

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. 

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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. 

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 now has strong support at 11520 - 11460 and it needs to hold these levels on a correction.   

On the upside Nifty has immediate resistance near 11870 - 11945 and a strong close above it is required for further upmove towards 12200 levels. 

Nifty Spot Levels for the week are

Long above 11770 , Tgt  11800 - 11830 - 11855

IF Nifty spot manages to get a close / sustain above 11895 then ,

long again for 11920 - 12000 - 12090

Short below 11655 , Tgt 11620 - 11595 - 11570

IF Nifty spot manages to get a close / sustain below 11530 then, 

short again for 11505 - 11425 - 11335

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels and keep trailing your stoploss .

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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.