Nifty Spot Outlook for 27th May

In the previous session : 

Nifty went up by 122 points then went down by 42 points before closing lower by 10 points on Tuesday 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 26th May :

Nifty triggered our long trade and did 60 points before taking our TSL

For 27th May  :

Sustaining above 9090 enter for 9130 - 9170 - 9285 , SL 9045

Sustaining below 8965 enter for 8930 - 8885 - 8770 , SL 9010

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 . 

As per weekly closing Nifty has resistance at 9160 - 9240 and weekly support is at 8920 - 8840 . Breaking and closing beyond 8840 - 9240 is needed for a further move in either direction . 

Overall Nifty needs to hold 8800 - 8840 zone on closing for a bounce again.

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 near 9050 . 

Upmoves can see some selling near 9140 - 9200 initially and above it near 9370 - 9420  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.