Nifty Outlook for 13th May

 In the previous session :

Nifty went down by 431 points before closing lower by 359 points on Thursday

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 12th May :-

Nifty triggered our short trade with a gap down and completed all targets and more doing 300+ points. 

For 13th May :-

Sustaining above 15860 enter for 15890 - 15925 - 16020 , SL 15825

Sustaining below 15755 enter for 15725 - 15690 - 15600 , SL 15795

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 15735.75 testing our next weekly support zone and today closed at 15808 . Now in the coming session Nifty has immediate support at 15770 - 15580 zone and it needs to hold it to expect a bounce. On the upside Nifty has immediate resistance at 15950 - 16000 zone . 

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 .

Overall Nifty has its immediate next targets at 15700 - 15500 as long as its trading below 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.