Nifty Outlook for 06th May

  In the previous session:

Nifty went up by 146 points then went down by 300 points before closing lower by 172 points on Friday 

Nifty made a new lifetime high of 22794.70 on 03rd May 2024 from the lows of 7511.10 made on 24th March 2020

On 03rd May:

Nifty opened above our 2nd target and did not give a entry. Post that Nifty reversed to trigger our short trade and completed all targets doing 145 points and exceeded it by 100 points

For 06th May:

Sustaining above 22525 can move towards 22560 - 22595 - 22690, SL 22490

Sustaining below 22425 can move towards 22395 - 22355 - 22260, SL 22460

(One should ideally look to exit near the 2nd target once a trade is triggered)

In the Previous Week: 

Nifty triggered our weekly long trade sustaining above 22575 and made a high of 22794.70 doing 200 points completing our initial weekly long targets

Now for this week:

On the upside:

Nifty has to sustain and close above its weekly resistance at 22560 - 22610 to move towards its initial weekly long targets of 22750 - 22790

Closing above 22790 Nifty may move towards its last weekly long targets of 22910 - 23040

On the downside:

Nifty has to sustain and close below its weekly support at 22390 - 22340 to move towards its initial weekly short targets of 22200 - 22160

Closing below 22160 Nifty may move towards its last weekly short targets of 22040 - 21910

In case of a gap up beyond the first target then for fresh updated levels intraday follow the telegram channel "simplytradestocks".

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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