Nifty Spot Outlook for 05th May

In the previous session : 

Nifty went down by 593 points before closing lower by 566 points on Monday 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 04th May :

Nifty triggered our short trade with a big gap down below our last target and fell further by 250+ points as per the weekly levels shared

For 05th May  :

Sustaining above 9395 enter for 9455 - 9525 - 9715 , SL 9325

Sustaining below 9190 enter for 9130 - 9060 - 8870 , SL 9265

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 resistance is now at 9430 - 9470 which needs to be broken on a upmove for further rally.

Nifty immediate support is at 9290 - 9200 which needs to hold on a dip else we may see further corrections .

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 .

Nifty has today closed well below 9470 and a consecutive close below it can see a move towards 9065 - 8960 levels.

Join our Telegram Channel "simplytradestocks" for live stock trading ideas during market hours                                      

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.