In the previous session :
Nifty went up by 102 points then went down by 104 points before closing lower by 62 points on Tuesday
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 10th May :-
Nifty initially triggered our long trade but did not complete any target and took our stoploss . Post that Nifty reversed to trigger our short trade but again did not complete any target.
For 11th May :-
Sustaining above 16300 enter for 16335 - 16380 - 16490 , SL 16255
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 today closed at 16240 within the initial weekly support. Now in the coming session Nifty breaking and sustaining below 16210 can move towards its next support zone of 16000 - 15950 on the downside. On the upside Nifty has immediate resistance at 16380 - 16430 zone which it needs to break and sustain above for a move towards 16530 - 16610.
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.
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