Nifty Outlook for 04th May

  In the previous session :

Nifty went down by 185 points before closing lower by 33 points on Monday

Nifty made a new life time high of 18604.45 in this upmove from the lows of 7511.10 made on 24th March 2020

On 02nd May :-

Nifty triggered our short trade by opening near our 2nd short targets and did not give a chance to take a position. 

For 04th May :-

Sustaining above 17145 enter for 17190 - 17245 - 17385 , SL 17090

Sustaining below 16990 enter for 16950 - 16890 - 16760 , SL 17050

Now for this week :

On the upside :

Nifty has to sustain and close above 17230 - 17320 where it has its initial resistance to move towards next targets of 17530 - 17590 . 

Closing above 17590 Nifty may move towards further targets of 17780 - 17970.

On the downside :

Nifty has to sustain and close below 16970 - 16890 where it has its initial support to move towards next targets of 16670 - 16610 . 

Closing below 16610 Nifty may move towards further targets of 16425 - 16215.

So far this week Nifty made a low of 16917.25 testing our initial weekly support zone and close at 17069.10. Now in the coming session Nifty has immediate resistance at 17230 - 17320 zone on the upside while Nifty has immediate support at  16970 - 16890 on dips .

Overall Nifty has immediate good resistance at 17370 - 17540 zone which it needs to close above for the next move towards 17900 - 18100 zone

Overall Nifty has immediate good support at 16830 - 16660 zone which it needs to hold on corrections else closing below we may see a further move towards 16200 - 16100 .

Incase of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks" .

Join our Telegram Channel "simplytradestocks" for live index & stock trading ideas during market hours .                              

To receive this post daily in your inbox, kindly register by adding your email id in  the 'Subscribe to my posts' section on the top right side of the blog.

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.