Nifty Spot Outlook for 07th May

In the previous session : 

Nifty went down by 89 points then went up by 141 points before closing higher by 65 points on Wednesday 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 06th May :

Nifty took support above our short trigger and bounced back to trigger our long trade but did not complete any targets .Nifty traded sideways indicating indecisiveness and we should see a trend day now . 

For 07th May  :

Sustaining above 9360 enter for 9415 - 9480 - 9650 , SL 9295

Sustaining below 9180 enter for 9125 - 9060 - 8890 , SL 9245

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.

As mentioned yesterday " Nifty needs to hold 9200 tomorrow for a bounce else last support for tomorrow is at 9110 - 9150 and breaking below it we can see our short daily trade get triggered . " , Nifty made a low of 9116.50 and held the last support level and bounced back to close at 9270.

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 given a consecutive close below 9470 and staying below it we can see a move towards 9065 - 8960 levels. Upmoves can see selling near 9470 - 9630 this week.

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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.