Saturday 2 May 2020

Weekly Spot Outlook Of Nifty for 04th to 08th May

In the previous week : 

Nifty went up by 735 points  before finally ending the week with a gain of 705 points compared to last weekly closing. 

Nifty triggered our long trade as per levels given last week and completed all targets giving 600 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 9975 enter for 10050 - 10105 - 10160
  • Further sustaining above 10245 enter for 10295 - 10465 - 10650


  • Sustaining below 9745 enter for 9670 - 9615 - 9560
  • Further sustaining below 9475 enter for 9425 - 9255 - 9070

Looking at the SGX Nifty it seems we might achieve most of our weekly targets with a gap down .

As per weekly closing Nifty has support near 9275 - 9200 which should be watched in case of a major gap down.




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 fromt he lows of  7511 .




Closing consecutively above 9685 we can see a move till 9955 - 10040 where Nifty will face its next strong resistance .




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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.

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