Nifty Outlook for 05th May

  In the previous session :

Nifty went up by 63 points then went down by 445 points before closing lower by 391 points on Wednesday

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 04th May :-

Nifty triggered our short trade and completed all targets and more doing 350+ points . 

For 05th May :-

Sustaining above 16760 enter for 16810 - 16870 - 17030 , SL 16700

Sustaining below 16595 enter for 16545 - 16485 - 16330 , SL 16655

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 16623.95 testing our next weekly support zone and close at 16677.60 just above it . Now in the coming session Nifty breaking and sustaining below 16610 has immediate support at 16425 - 16215 zone and on the upside Nifty has immediate resistance  at  16890 - 16970 on bounce .

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 .

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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.