Weekly Spot Outlook Of Nifty for 27th to 31st May

NIFTY

This week Nifty went up by 634 points , before finally ending the week with a gain of 437 points compared to last weekly closing. 

As per levels given for the previous week Nifty Spot needed to sustain and close above 11510 to confirm uptrend and Nifty spot needed to sustain and close below 11305 to confirm downtrend for the week. Nifty made a high of 12041.15 and made a low of 11591.70

Had mentioned in previous weekly post that Nifty needs to sustain above 11510 to test 11615 - 11640 initially and closing above it can go further till 11735 - 11835 and Nifty needs to sustain below 11305 to test 11200 - 11175 initially and closing below it can go further till 11080 - 10980, and we saw Nifty confirm our long trade and complete all our long targets and exceeding it giving 500 points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Nifty to sustain / close above 12010 and then enter for a initial target of 12180 - 12220 and look to hold further only on sustaining or getting a close above 12220 for the next targets of 12370 - 12530. 

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Those who are looking to enter fresh short should wait for Nifty to sustain / close below 11680 and then enter for a initial target of 11510 - 11470 and look to hold further only on sustaining or getting a close below 11470 for the next targets of 11320 - 11160. 

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 immediate resistance  at 11870 - 11945 and it needs to break and close above these levels for the next upmove  .   

On the downside Nifty has immediate support near 11630 - 11550 and it needs to hold this level  in the coming week on a correction to expect a bounce . 

Nifty Spot Levels for the week are

Long above 11945 , Tgt  12010 - 12055 - 12105

IF Nifty spot manages to get a close / sustain above 12180 then ,

long again for 12220 - 12370 - 12530

Short below 11745 , Tgt 11680 - 11630 - 11580

IF Nifty spot manages to get a close / sustain below 11510 then, 

short again for 11470 - 11320 - 11160

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.