Nifty Outlook for 16th May

 In the previous session :

Nifty went up by 275 points then went down by 67 points before closing lower by 25 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 13th May :-

Nifty triggered our long trade with a big gap up above our 2nd target and did not give a chance to enter. Post that towards the end of session Nifty triggered our short trade but did not complete any targets .

For 16th May :-

Sustaining above 15835 enter for 15865 - 15905 - 16005 , SL 15800

Sustaining below 15730 enter for 15700 - 15660 - 15560 , SL 15765

Now for this week :

On the upside :

Nifty has to sustain and close above 15870 - 15920 where it has its initial resistance to move towards next targets of 16070 - 16110 . 

Closing above 16110 Nifty may move towards further targets of 16230 - 16370.

On the downside :

Nifty has to sustain and close below 15690 - 15640 where it has its initial support to move towards next targets of 15500 - 15450 . 

Closing below 15450 Nifty may move towards further targets of 15340 - 15200.

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 .

Had mentioned earlier " Overall Nifty has its immediate next targets at 15700 - 15500 as long as its trading below 16100." , and so far Nifty has made a low of 15735.75 sustaining 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.