Nifty Spot Outlook for 12th May

In the previous session : 

Nifty went up by 188 points then went down by 31 points before closing lower by 12 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 11th May :

Nifty triggered our long trade with a gap up and did 90 points nearly completing 2 targets before taking our TSL . 

For 12th May  :

Sustaining above 9325 enter for 9375 - 9435 - 9600 , SL 9265

Sustaining below 9155 enter for 9100 - 9040 - 8880 , SL 9215

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

As mentioned in the previous post "Nifty immediate resistance is now at 9430 - 9470 which needs to be broken on a upmove for further rally." , and today we saw Nifty make a high of 9439.90 testing the resistance zone and reversed sharply by 200 points .

Nifty needs to hold 9110 on dips this week for a bounce to be expected , breaking and sustaining below it we can see a move towards 8950 - 8850 

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. For now 9110 is a level which needs to hold for a bounce to be expected.

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.