In the previous session :
Nifty went down by 342 points before closing lower by 271 points on Friday
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 06th May :-
Nifty triggered our short trade with a gap down below our 2nd target and did not give a chance to enter.
For 09th May :-
Sustaining above 16485 enter for 16530 - 16585 - 16725 , SL 16435
Now for this week :
On the upside :
Nifty has to sustain and close above 16530 - 16610 where it has its initial resistance to move towards next targets of 16820 - 16870 .
Closing above 16870 Nifty may move towards further targets of 17050 - 17240.
On the downside :
Nifty has to sustain and close below 16290 - 16210 where it has its initial support to move towards next targets of 16000 - 15950 .
Closing below 15950 Nifty may move towards further targets of 15770 - 15580.
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.
No comments:
Post a Comment