Nifty Outlook for 10th May

 In the previous session :

Nifty went down by 269 points before closing lower by 109 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 09th May :-

Nifty triggered our short trade with a gap down below our 2nd target and did not give a chance to enter. 

For 10th May :-

Sustaining above 16375 enter for 16420 - 16470 - 16600 , SL 16325

Sustaining below 16230 enter for 16185 - 16130 - 16000 , SL 16280

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.

So far this week Nifty today made a low of 16142.10 breaking below our initial weekly support zone and closed at 16301.85 just above it. Now in the coming session Nifty holding above 16210 on dips can move towards its immediate resistance zone of 16530 - 16610 on the upside. On the downside Nifty has support near 16000 - 15950 on sustaining below 16210.

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" .

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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.