Sunday 3 May 2020

Nifty Spot Outlook for 04th May

In the previous session : 



Nifty went up by 336 points before closing higher by 306 points on Thursday as compared to the previous day's close.




Nifty had made a life time high of 12430.50 on 20th January and again failed to give a strong close above its congestion zone of 12300 - 12375 for the upward momentum to continue and we saw a correction till 7511.10 now . 


On 30th Apr :

Nifty triggered our long trade with a gap up and still did 150+ points


For 04th May  :

Sustaining above 9930 enter for 9975 - 10025 - 10160 , SL 9880

Sustaining below 9790 enter for 9745 - 9695 - 9560 , SL 9840

Looking at the SGX Nifty we might open below the last targets on the short side . For fresh updated levels post pre opening please check the telegram channel "simplytradestocks" .


Nifty made a low of 7511.10 on 24th March . Since then it has been moving up slowly and closed above 9250 last week . 


Nifty immediate supports have moved up to 9470 - 9430 now which needs to hold on any corrections and breaking below it we can see a move towards the next support near 9290- 9200



How to use these levels 

  • Enter on sustaining above/below the levels mentioned and look to book partly/fully once at the 2nd target as its placed at the resistance / support . Re-enter if price sustains above / below the 2nd target with a trailing stoploss of the entry levels. 


For this month :
  • Nifty longs will get confirmed with a consecutive close above 10100 for a target of 10650 - 10760 and sustaining / closing above 10760 we can see a further move till 11100 - 11490.
  • Nifty shorts will get confirmed with a consecutive close below 9470 for  a initial target of 9065 - 8960 and sustaining / closing below 8960 we can see a further move till 8610 - 8225 .



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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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