In the previous session :
Nifty went up by 78 points then went down by 247 points before closing lower by 73 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 11th 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 and completed all targets doing 185 points
For 12th May :-
Sustaining above 16245 enter for 16275 - 16310 - 16410 , SL 16185
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 15992.60 breaking below our initial weekly support zone and today closed at 16167 below the initial weekly support. Now in the coming session Nifty has to break and sustain above 16210 - 16290 to move up further towards 16370 - 16430 . On the downside Nifty has immediate support at 16000 - 15950 which it needs to hold else breaking and sustaining below 15950 will open lower targets of 15770 - 15580 next.
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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