Nifty Spot Outlook for 22nd May

In the previous session : 

Nifty went down by 10 points then went up by 112 points before closing higher by 40 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 21st May :

Nifty triggered our long trade and did 40 points and took our TSL.  

For 22nd May  :

Sustaining above 9170 enter for 9205 - 9250 - 9365 , SL 9125

Sustaining below 9045 enter for 9005 - 8965 - 8845 , SL 9090

Incase we get a gap up beyond the 1st target then 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 9150 - 9250 and it needs to be broken and sustained for a move towards 9430 - 9470 where it has its next resistance.

Had mentioned in the previous post " Nifty now needs to hold 8820 on closing basis for this bounce to continue . Immediate resistance is placed at 9150 - 9250 for any upmove . Closing below 8820 we can fall further towards 8610 - 8560 ." , and today we saw Nifty make a high of 9178.55 testing our resistance zone of 9150 - 9250. 

In the coming session it needs to break and sustain above 9250 for any further upmove.

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 it completed its initial target with a low of 8806.75 .Those who were holding short would have got 650 points from the short trade . 

Nifty has a held to its small support at 8820 and moved up to close above 9050 . Now holding above 8950 we can see it extend it further . 

Upmoves can see some selling near 9150 - 9250 initially and above it near 9430 - 9470  next .

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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.