Nifty Spot Outlook for 15th May

In the previous session : 

Nifty went down by 264 points before closing lower by 241 points on Thurssday 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 14th May :

Nifty triggered our short trade with a gap down and did 150 points

For 15th May  :

Sustaining above 9220 enter for 9265 - 9320 - 9460 , SL 9165

Sustaining below 9065 enter for 9020 - 8965 - 8825 , SL 9120

Will update fresh levels as per pre opening on 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 resistance is now at 9430 - 9470 which needs to be broken and sustained on a upmove for further rally.

Nifty needs to hold 9110 on dips tomorrow on closing basis 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 had triggered our monthly short trade below 9470 for a target of 9065 - 8960 and today it completed its initial target with a low of 9044 and bounced back towards 9200 .Those who were holding short would have got 400 points from the short trade . Closing below 8960 we can see the next round of correction towards the next lower targets with a small support at 8820 in between.

Upmoves can see some selling near 9550 - 9630 in the coming sessions.

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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.