Nifty Outlook for 16th May

 In the previous session:

Nifty went down by 27 points then went up by 144 points before closing higher by 84 points on Monday 

Nifty made a new lifetime high of 18887.60 on 01st Dec 2022 from the lows of 7511.10 made on 24th March 2020

On 15th May:

Nifty triggered our long trade and almost completed 2 targets and more doing 90 points

 

For 16th May:

Sustaining above 18440 enter for 18465 - 18500 - 18570, SL 18410

Sustaining below 18355 enter for 18330 - 18300 - 18220, SL 18385

In the Previous Week: 

Nifty confirmed our long trade on closing above 18175 and almost reached our last target zone of 18410 - 18520 with a high of 18389.70. Overall Nifty gave a 200 points move after confirming our weekly long 

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 18385 - 18425 to move towards its initial weekly long targets of 18545 - 18575. 

Closing above 18575 Nifty may move towards its last weekly long targets of 18675 - 18785

On the downside:

Nifty has to sustain and close below its weekly support at 18245 - 18200 to move towards initial weekly short targets of 18090 - 18050

Closing below 18050 Nifty may move towards next targets of 17960 - 17850.

So far this week Nifty made a high of 18458.90 breaking above our weekly resistance zone but closed within it at 18398.85.

Now in the coming session Nifty has to sustain and close above 18425 for a move towards its initial weekly long targets of 18545 - 18575. On the downside Nifty breaking and sustaining below 18350 can move towards its support at 18300 - 18250

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Disclaimer: I am not SEBI registered and these are my personal views and one should do their own research or consult a financial advisor 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.