Weekly Spot Outlook Of Nifty for 11th to 15th May

In the previous week : 

Nifty went down by 743 points  before finally ending the week with a loss of 608 points compared to last weekly closing. 

Nifty triggered our short trade with a big gap down as per levels given last week and nearly completed all targets giving 400 points from the weekly long trade.

Nifty had made a new life time high of 12430 on 20th January and has since then corrected to 7511 on 24th March . 

Nifty for this week :

• Sustaining above 9395 enter for 9480 - 9550 - 9620
• Further sustaining above 9720 enter for 9780 - 9990 - 10220

• Sustaining below 9110 enter for 9020 - 8950 - 8880
• Further sustaining below 8780 enter for 8720 - 8515 - 8285

As per weekly closing Nifty has support near 9085 - 8980 and resistance near 9420 - 9520 . Incase of a gap up or gap down these levels should be watched for additional confirmation.

How to use these levels  

• For longs/shorts enter on breaking above the first weekly levels mentioned and hold on sustaining above /below the highlighted green/red level and look to book partly/fully once it completes its initial 3 targets . Re-enter if price again breaks above/below the further first level mentioned and hold on sustaining above/below the highlighted green/red level for next targets  . 

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 .

We were expecting Nifty to face strong resistance near 9955 - 10040 and Nifty gave a move till 9889.05 from the lows of  7511 .

Nifty triggered our monthly short trade and has given 350 points till now . Those who are holding positional shorts for the initial targets of 9065 - 8960 should keep a trailing cbsl of 9620 and also look to book once near the initial targets or hold further only on closing below 8960 with a further trailing stoploss of 9190

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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.